Visit Maldives Corporation Limited concluded 2025 as a year defined by strengthened governance, enhanced compliance, and growing institutional maturity, reflecting steady progress in transparency, risk management, and financial discipline across the organisation. Throughout the year, the corporation undertook a comprehensive reset of its governance framework in line with national SOE requirements and international best practices, reinforcing oversight, accountability, and structured decision-making at Board and management levels. The formal establishment of an Audit & Risk Committee, a Governance Committee, and a HR & Remuneration Committee, together with the appointment of a Chief Internal Auditor, significantly strengthened internal control systems and assurance mechanisms, while the introduction of the first comprehensive corporate risk registry in the corporation’s history enabled systematic identification, assessment, and mitigation of operational, financial, and compliance risks.
VMC also successfully met all deadlines set by the Privatisation and Corporatisation Board, fully incorporating newly introduced amendments and governance requirements. Several core internal policies were updated, including the Human Resources Policy, Refund Policy, and Endorsement Guidelines, enhancing clarity, consistency, and accountability across operations. New internal control mechanisms and transparency measures were introduced, alongside focused efforts to reduce reliance on single-source procurement and strengthen competitive sourcing practices through a newly developed Vendor Portal. A structured annual procurement plan further supported timely approvals and regulatory compliance, improving overall planning discipline and enabling the corporation to avoid penalties and fines at major international trade fairs, with procurement and contracting processes completed within required timelines.
High levels of Board engagement and institutional discipline underpinned these reforms. During 2025, VMC held 30 Board meetings with a 97 percent attendance rate, adopted 70 Board resolutions, and approved 62 circular resolutions, demonstrating strong governance culture and effective collaboration between the Board and Management. This constructive working relationship enabled timely decision-making, ensured operational continuity during critical periods, and maintained alignment between organisational actions and national tourism priorities.
Despite operating within financial constraints, the corporation recorded its highest self-generated revenue performance in the past eight years, achieving a 45 percent year-on-year increase compared to 2024. This performance reflects VMC’s increasing focus on monetisation, financial sustainability, and responsible stewardship of public resources, reinforcing its role as a key institution supporting the long-term development and global positioning of the Maldives tourism brand.
Looking ahead, Visit Maldives has reaffirmed its commitment to strong governance, transparency, and strategic oversight as the foundation for long-term resilience. The reforms implemented throughout 2025 have positioned the corporation to enter 2026 with greater confidence, improved operational discipline, and enhanced readiness to support national tourism objectives and the continued growth of the Maldives as a premier global destination.
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