Deputy Speaker Nazim urges BML to prioritize locals for senior management positions
Deputy Speaker of Parliament and Dhiggaru MP Ahmed Nazim has called for more Maldivians to be appointed to senior positions at the Bank of Maldives (BML), emphasizing the need for locals to take charge of key roles in the institution.
During the second extraordinary parliament sitting held to discuss amendments to the Companies Act, Nazim pointed out that many of BML's senior foreign executives were not present in the country when the bank decided to temporarily halt foreign transactions on Maldivian Rufiya-linked accounts last month.
He specifically highlighted that BML’s Credit Control Manager, Operations Director, and Risk Manager, who are foreign nationals, were absent during this critical time, yet continued to draw substantial salaries of USD 15,000 per month.
A salary of USD 15,000 is not a small sum. We must explore appointing Maldivians to these roles
Nazim stated
Nazim urged Parliament, the Ministry of Finance, and the Privatization and Corporatization Board (PCB) to scrutinize how government-owned companies like BML are operated.
He called for a more hands-on approach in ensuring that Maldivians are appointed to senior management positions in state-owned enterprises.
So both the PCB and the Ministry of Finance, which oversees state shares, must closely monitor the day-to-day operations of these companies. We need to work towards getting Maldivians in those key positions
He said
Nazim also addressed the recent resignation of BML CEO Karl Stumke on September 9, stressing the need for an Extraordinary General Meeting (EGM) to appoint a new CEO quickly.
BML has already scheduled an EGM for September 21 to approve changes to its board, and Nazim advocated for another EGM soon after to address the leadership gap.
An EGM should be held promptly to appoint a new CEO. We need to shorten the EGM process, and with the proposed revision, we can hold another EGM right after the one scheduled for September 21,
Nazim explained
He added that the proposed changes to the Companies Act, initiated by Feydhoo North MP Ismail Nizar, would not only benefit BML but also other state-owned companies such as the State Trading Organization (STO), which is in the process of acquiring Fenaka Corporation.
The bill, currently under discussion, seeks to allow both public and private companies to increase the number of board directors if needed.
It proposes that companies must issue notice for EGMs within three days of receiving a request and hold the meeting within 10 days, shortening the current requirement of 21 days' notice and a three-month window for holding the meeting.
BML’s upcoming EGM on September 21, instructed by the Finance Ministry, is expected to approve board changes following these developments.
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