The new company legislation will encourage companies to appoint experienced directors, secretaries and managing directors. This new company act will soon be presented to the parliament.

Speaking to Miadhu News, the registrar of companies, Mariyam Visaam said that even if it is a private company or a state-owned companies, the directors and company secretory should be capable people.

“The role of companies are increasing and widening. Hence, we see that is important to have capable people, managing companies. That is why we will include this in the new company act” said Visaam.

She said that in developed countries, these posts are filled by people who have studied in the field.

“Managing director and the company secretory should be answerable at all times. That is why people who are capable should fill these posts. Even if it is a family business, private business or a government owned company. Then only the companies can develop to the full potential” said Visaam.

Even now Maldivian companies work with foreign companies and even operate abroad. Hence Maldivian companies should also have internationally accepted standards.