State Trading Organization (STO) has been recognized as the best-governed publicly traded company in the Maldives, leading all listed entities in corporate governance compliance. According to the latest "Corporate Governance Review" released by the Capital Market Development Authority (CMDA), STO secured the top position by achieving an outstanding compliance score of 97.5 percent against the national Corporate Governance Code.
The CMDA review, compiled using the 2025 annual reports and audited financial statements of eight listed companies, revealed an overall market compliance average of 92.9 percent. This marks a notable improvement from the market's performance in recent years, which stood at 86 percent in 2023 and 88 percent in 2024. However, the regulatory authority cautioned that year-on-year comparative trends must be viewed in perspective due to the limited number of companies assessed.
STO’s top ranking was driven by major strides in internal auditing mechanisms, comprehensive director training, and greater transparency surrounding the rotation of audit partners. In the past year alone, STO invested 1.03 million Rufiyaa across eight specialised training programs for its board members. The authority also commended STO's dual-reporting framework for its Chief Audit Executive—who reports functionally to the Chairperson of the Audit and Risk Committee and administratively to the Chief Executive—ensuring audit autonomy.
Furthermore, STO was highlighted as one of only two listed companies to disclose sustainability practices in alignment with international benchmarks. This milestone positions the state trading giant ahead of the curve as the Maldives gears up to enforce its official Sustainability Reporting Framework beginning in 2026.
Despite STO's standout achievement, the review pointed out areas needing improvement, specifically noting that STO did not fully meet the requirement of having at least two members with accounting or finance backgrounds on its audit committee. Across the entire stock market, audit and internal controls recorded the lowest compliance rate at 86.8 percent. The CMDA affirmed that its governance evaluations aim to install greater transparency, accountability, and investor confidence across the Maldivian capital market.