Introduction
The 32nd Noonu Atoll Council Sitting focused on strengthening corporate governance, amending the evaluation process for investment proposals, and developing MICE tourism. The aim is to enhance efficiency, transparency, and sustainability in the Noonu Atoll Company and council-owned businesses, and establish Noonu Atoll as a leading MICE tourism destination.
Takeaways
Align the Noonu Atoll Company's corporate governance practices with the highest standards set forth by the Privatization and Corporatization Board of Maldives.Establish comprehensive policies and guidelines for investing in council-owned businesses.Develop a comprehensive MICE tourism product to transform Noonu Atoll into a prominent MICE tourism destination.
Proposals & Decisions
- Proposal
- Noonu Atoll Company is a crucial entity in the development of the Noonu Atoll, fully owned by the Noonu Atoll Council. To ensure its effective and accountable operation, it is essential to align company's corporate governance practices with the highest standards set forth by the Privatization and Corporatization Board of Maldives (PCB). A comprehensive assessment of current SOE's governance practices against the PCB guidelines is necessary to identify areas for improvement. This evaluation will provide a clear roadmap for implementing corporate governance practices. Key areas of focus include optimizing board responsibilities, refining management structure, strengthening internal controls, enhancing transparency, and integrating sustainability considerations into decision-making. By adhering to best corporate governance practices, company can significantly enhance its efficiency, effectiveness, and transparency. This will foster trust among stakeholders, mitigate risks, and improve the company's attractiveness to potential investors. Ultimately, a well-governed company will contribute to the sustainable growth and development of the Noonu Atoll.You can also reply to this email to add a task comment.This task is in the Council Decision list - General plan.
- Takeaways
- Recognizing the critical role of the Noonu Atoll Company in the atoll’s development, hereby resolves to align company’s operations with the highest standards of corporate governance as outlined by the Privatization and Corporatization Board (PCB). This decision mandates a comprehensive assessment of current SOEs governance practices against PCB guidelines to identify and implement necessary improvements. The assessment will focus on optimizing board structure, refining management, strengthening internal controls, enhancing transparency, and integrating sustainability. Furthermore, the Council directs the Planning Unit to instruct the Company's Board to formulate and approve the company’s Articles in accordance with PCB standards for SOEs. The Company Board is hereby mandated to conduct all company operations in compliance with PCB standards and the Corporate Governance Code. This decision is aimed at enhancing company’s efficiency, accountability, and transparency, thereby fostering trust, mitigating risks, and positioning the company for sustainable growth.
- Introduced by
Mohamed Adnan
maafaru Island Council President
- In Favour
- 9
- Opposed
- 0 More details
32.1 Strengthening Corporate Governance for the Noonu Atoll Company
- Proposal
- To foster economic growth and development within the atoll, the Noonu Atoll Council will establish comprehensive policies and guidelines for investing in council-owned businesses. These policies will outline clear criteria for evaluating investment proposals submitted by council-owned companies. Furthermore, the council will develop a robust framework for council procurement processes involving council-owned companies. This framework will include transparent and competitive procedures, ensuring that all proposals are assessed fairly and consistently based on predefined evaluation criteria. By implementing these measures, the council aims to optimize the performance and contribution of council-owned businesses to the overall development of the Noonu Atoll while maintaining transparency and accountability in all financial transactions.You can also reply to this email to add a task comment.This task is in the Council Decision list - General plan.
- Takeaways
- Resolved, that the Noonu Atoll Council hereby adopts this policy amendment to govern investments in council-owned businesses and the evaluation of proposals for ventures aligned with the Atoll Development Plan. The amendment establishes clear criteria for determining eligible investments, evaluating proposals, and managing associated risks in relation to the atoll’s development plan. Further Resolved, that council-owned businesses seeking to participate in council procurement or undertake projects aligned with the Noonu Atoll Development Plan must submit formal proposals directly to the council for evaluation in accordance with the established criteria. Further Resolved, that to safeguard the council’s interests, any collaboration between council-owned businesses and third parties requires prior council approval and that sub-contracting of entire council-funded projects to third parties is contingent upon explicit council authorization. Further Resolved, that this amendment is enacted pursuant to the authority granted by Act No. 2010/7, the Decentralization of Administrative Areas Act, and Regulation No. 13-2023, Rules on the Procedure for Capital Expenditure by Councils on Local Authority Companies and Private Enterprises. Further Resolved, that the implementation of this amendment shall be in accordance with the provisions of Article (Noonu) of Regulation No. 13-2023.
- Introduced by
Mohamed Basheer
President of Noonu Atoll Council | 2021-Now
- In Favour
- 8
- Opposed
- 1 More details
32.2 Amendment for Evaluation Process and Criteria for Investment Proposals and Capital Injection of Council-Owned Businesses
- Proposal
- It is a project to transform Noonu Atoll into a prominent MICE (Meetings, Incentives, Conferences, and Events) tourism destination. By effectively utilizing existing council-owned buildings, land, and vessels and vehicles. A strategic partnership with the Noonu Atoll Company is essential to finance and manage the development, operation, and marketing of these facilities. This collaboration will combine the council’s assets with the company’s potential expertise and capacity. By developing a comprehensive MICE tourism product, including modern conference centers, suitable accommodation, transportation, and supporting amenities, it can attract both domestic and international MICE events. This will generate significant revenue, create job opportunities, and contribute to the overall economic growth of the atoll. A strong emphasis on sustainability is crucial. By adopting eco-friendly practices, it can protect Noonu Atoll's natural environment while simultaneously promoting responsible tourism. Ultimately, this initiative aims to establish Noonu Atoll as a leading MICE destination in the Maldives, generating substantial economic benefits for the local community and ensuring long-term sustainability.You can also reply to this email to add a task comment.This task is in the Council Decision list - General plan.
- Takeaways
- Whereas the Council recognizes the potential of MICE (Meetings, Incentives, Conferences, and Events) tourism to drive economic growth and create employment opportunities in Noonu Atoll; and whereas, the Council possesses valuable assets, including buildings, land, and vehicles, suitable for MICE tourism development; and whereas, a partnership with Noonu Atoll Company is deemed essential for the successful implementation of this initiative. Now, therefore, be it resolved by the Council as follows: The Secretary-General, in collaboration with the Board of Noonu Atoll Company, shall accept the company's proposal to utilize the new State House office building, the Noonu Atoll Council office building, the former council office building, the land known as Fasmeeru, and associated grounds for the development and operation of MICE tourism facilities. The Secretary-General shall transfer all relevant documents and assets, including unfinished and completed works, to the company to facilitate the project. The Council and the company shall jointly develop and approve guidelines for the utilization of council employees in MICE tourism operations, ensuring consultation with employees and relevant departments. The Secretary-General shall assign the necessary tasks and sign an agreement with the company to formalize the MICE tourism operations. The Council shall allocate the required investment to initiate MICE tourism as a business venture in accordance with the proposed plan. The Secretary-General shall assign the necessary tasks and sign an agreement with the company to formalize the MICE tourism operations. Be it further resolved that the Secretary-General shall ensure the implementation of this resolution in accordance with the laws and regulations of the Maldives.
- Introduced by
Mohamed Adnan
maafaru Island Council President
- In Favour
- 9
- Opposed
- 0 More details