Visit Maldives marks 2025 as year of governance reform, institutional strengthening
Visit Maldives Corporation Limited (VMC) concluded 2025 as a defining year of governance reform, compliance strengthening, and institutional maturity, marked by steady progress in transparency, risk management, and financial discipline across the organisation.
The year saw a comprehensive reset of governance structures, aligned with national SOE requirements and best practices. VMC formally established an Audit & Risk Committee, a Governance Committee, and a HR & Remuneration Committee, strengthening Board oversight, accountability, and structured decision-making. As part of these reforms, the appointment of a Chief Internal Auditor further reinforced internal controls and assurance mechanisms. For the first time in the corporation’s history, a comprehensive corporate risk registry was introduced, enabling systematic identification, assessment, and mitigation of operational, financial, and compliance risks.
Throughout the year, VMC successfully met all Privatisation and Corporatisation Board (PCB) deadlines, incorporating newly introduced amendments and governance requirements in full. Several key internal policies were updated, including the Human Resources Policy, Refund Policy, and Endorsement Guidelines, enhancing clarity, consistency, and accountability across the organisation. New internal control mechanisms and transparency measures were introduced, alongside deliberate efforts to work towards reducing reliance on single-source procurement and strengthening competitive sourcing practices with a new Vendor Portal.
A structured annual procurement plan was implemented to ensure timely approvals and compliance with regulatory requirements, while improving planning and procurement discipline. As a result, the corporation avoided penalties and fines at major international trade fairs, with procurement and contracting processes executed within required timelines — reflecting a marked improvement in operational discipline and compliance.
Governance reforms were underpinned by a high level of Board engagement and institutional discipline. In 2025, VMC held 30 Board meetings with a 97 percent attendance rate, adopted 70 Board resolutions, and approved 62 circular resolutions. Constructive collaboration between the Board and Management enabled timely decision-making, operational continuity during critical periods, and alignment between organisational actions and national tourism priorities.
Despite financial constraints, VMC recorded its highest self-generated revenue performance in the past eight years, achieving a 45 percent year-on-year increase in 2025 compared to 2024. This milestone reflects the corporation’s growing focus on monetisation, financial sustainability, and responsible stewardship of resources.
Reflecting on the year, Visit Maldives reaffirmed its commitment to strong governance, transparency, and strategic oversight as the foundation for long-term institutional resilience. The reforms implemented in 2025 have positioned the corporation to move into 2026 with greater confidence, improved operational discipline, and readiness to support national tourism objectives.
