Governance

At MFLC, we believe that strong governance is the foundation of sustainable success. Our governance framework promotes transparency, accountability, and ethical decision-making at every level of the organization. Guided by the principles of integrity, fairness, and responsibility, we align our governance practices with with the Maldives Monetary Authority’s Regulation on Corporate Governance for Banks, Insurance Companies, and Finance Companies (Regulation No: 2020/R-59) and international best practices.

Board Governance

The Board of Directors of MFLC is committed to upholding strong corporate governance as a foundation for sustainable performance and stakeholder trust. Through a framework built on accountability, transparency, and prudent oversight, the Board ensures effective risk management and long-term value creation across all business operations.

To enhance operational efficiency and decision-making, the Board has established specialized committees; Board Audit Committee (BAC), Board Risk and Compliance Committee (BRCC), Board Corporate Governance Committee (BCGC), Board Appointment, Nomination and Remuneration Committee (ANRC) and, Shariah Committee (SCO)— each operating under a clearly defined Charter. Regular reviews of these Charters ensure continued relevance, while overlapping membership fosters effective coordination and integrated governance throughout the organization.

Charter Documents of Board of Directors

Charter Documents of Board Committees

Management Governance

MFLC’s management governance framework ensures operational decisions are guided by accountability, transparency, and alignment with the company’s strategic objectives. Key committees oversee critical areas, including the Management Risk and Compliance Committee (MRCC), Management Credit Committee (MCC), Assets and Liabilities Committee (ALCO), Executive Committee (EXCO), and Operations Committee (OPSCO).

Specialized committees, including the Tender Evaluation Committee (TEC), Disciplinary Action Committee (DAC), Grievance Committee (GC), Ethics Committee (EC), Bullying and Harassment Prevention Committee (BHPC), Sexual Harassment and Abuse Prevention Committee (SHAPC), and Training and Development Committee (TDC), further strengthen governance.

All committees operate under defined Charters and are regularly evaluated to ensure effectiveness, efficiency, and alignment with MFLC’s strategic goals, reinforcing accountability and sustainable value for stakeholders.

Risk Management and Business Continuity and Disaster Recovery

MFLC’s Risk Management framework is designed to proactively identify, assess, and mitigate risks that could impact the company’s financial performance, reputation, or operations. The company adopts a structured, enterprise-wide approach to risk governance, ensuring that all business units operate within clearly defined risk appetite parameters approved by the Board.

Business Continuity and Disaster Recovery framework form an integral part of this framework, ensuring operational resilience and preparedness for unforeseen disruptions. Through regular scenario testing, incident response planning, and crisis communication protocols, MFLC ensures business continuity and rapid recovery under adverse conditions.

Commitment to Ethical Conduct

MFLC is committed to upholding the highest standards of compliance, ethics, and corporate integrity. Our governance framework and ethical policies provide clear guidance for employee conduct, promote accountability, and safeguard the interests of our stakeholders. By embedding these principles into everyday business operations, we ensure that all decisions reflect our commitment to transparency, fairness, and responsible corporate behavior.

These policies are regularly reviewed and updated to align with evolving regulatory requirements and industry best practices. This ongoing process reinforces MFLC’s commitment to ethical conduct, regulatory compliance, and the sustainable management of organizational risk.