Governance and Strategy
Board Governance Reviews
An independent review of how your board works, measured against the Companies Act and the governance code that applies to you, with a ranked list of improvements.
Most boards know when something is not working. Papers arrive the night before the meeting, the same two members do most of the talking, committees meet rarely, and decisions are taken without a clear record of why. What is harder is getting an honest account of it from inside the boardroom.
A governance review gives the chair that account, from people who have sat on boards themselves. Our leadership includes former directors in the state-owned sector, with experience as interim chairperson and on audit and remuneration committees.
What We Review
- Board composition, skills and independence
- Charters, terms of reference and delegations of authority
- Audit, remuneration and risk committees, and how they report to the board
- Board papers, meeting practice and minutes
- The working relationship between the board and management
- Compliance with the Companies Act and with the governance code that applies to you
The Rules That Apply
Every company now answers to the Companies Act (Act No. 7/2023), which writes directors' duties into the law and asks for at least four board meetings a year. State-owned enterprises also follow the corporate governance code issued by the Privatization and Corporatization Board in 2019. Listed companies follow the Capital Market Development Authority's code, and banks and finance companies have their own governance regulation from the Maldives Monetary Authority. Some boards answer to three codes at once, and the Privatization and Corporatization Board has announced plans for a single Corporate Governance Code of Maldives.
A review sets out which requirements apply to your board and where the gaps are. Our article on the new Companies Act covers the directors' duties in more detail.
What You Receive
A confidential report to the chair, a board evaluation if you want one, and recommendations ranked by priority. We can draft new charters and policies, brief the full board on the findings, and run training for directors where it is needed.
Common Questions
Who sees the findings?
The report goes to the chair, who decides how it is shared with the board and management. Interviews with individual directors are confidential and are not attributed in the report.
How long does a review take?
Usually four to eight weeks, depending on the number of directors and committees and how quickly we can schedule interviews.
Do you carry out board evaluations on their own?
Yes. A board evaluation can be commissioned separately, as a questionnaire and interviews with each director, followed by a discussion with the full board.
Related Services
- ISO Management Systems Consultancy and TrainingImplementation support and training for ISO 9001, ISO 14001, ISO 45001, ISO 22000, HACCP and ISO 37001, from gap assessment to certification readiness.Read about this service
- Training for Board DirectorsPractical training for new and serving directors on their duties under the Companies Act, financial oversight, risk and how a good board meeting runs.Read about this service
- Strategic Planning FacilitationWe run the process that turns your board's and management's ideas into a strategic plan with targets, owners, costs and a way of reporting progress.Read about this service