Noonu Naturally > Roadmaps > plans > Enhancing Local Governance (LDP-1)

Establish and strengthen Noonu Atoll Local Authority Company

Recognizing the potential of a strong Noonu Atoll Company to drive economic development and improve service delivery in atoll is crucial. This initiative will involve ensuring proper registration and a solid legal framework. It will also define the company's share capital structure and establish sound financial management practices. The council will play a guiding role by directing the company's corporate governance policies. To foster collaboration, council will sign Memorandums of Understanding (MOUs) with key stakeholders. Additionally, council will provide the company with necessary office space and infrastructure. To ensure efficient operations, it will introduce a direct procurement policy and strong corporate governance practices. Finally, close collaboration between council staff and the LAC will be crucial for its success.
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Leading Team

Corporate Affairs Team

8. Decent Work and Economic Growth

1.6 Atoll Economic Development

#localgovernance

1

Registration and Legal Framework

To establish a Local Authority Company under the Decentralization Act, it is essential to consult with legal counsel to ensure compliance with all relevant regulations and procedures. The necessary documents, including the Memorandum of Association and Articles of Association, should be prepared to outline the company's objectives, share structure, governance, and operations. Qualified individuals with relevant expertise and business acumen should be appointed as directors and shareholders. Finally, the completed registration application, along with the required fees, must be submitted to the Ministry of Economic Development & Trade.
2

Share Capital and Financial Management

To establish the Local Authority Company (LAC), it is essential to determine the initial share capital by analyzing potential business ventures and financial needs. The council, as the sole shareholder, should issue shares with transparent record-keeping. Clear financial management policies, including budgeting, accounting, reporting, and internal controls, must be established. Additionally, exploring funding options through grants, loans, or partnerships can support the LAC's operations and expansion.
3

Setting Up the Local Authority Company Office

To establish a functional office for the Local Authority Company (LAC), a suitable location with reliable internet access and adequate space must be secured. The office should be equipped with necessary furniture, technology, and equipment to facilitate efficient operations and service delivery. A secure IT infrastructure, including financial management systems, project management tools, and communication platforms, should be implemented. Establishing clear communication channels, such as phone lines, email addresses, and online platforms, will ensure effective interaction with stakeholders and residents.
4

Establishing a Direct Procurement Policy

To streamline procurement processes, Atoll Council should draft a clear direct procurement policy outlining criteria and procedures for acquiring goods and services. This policy must be approved by the council. Staff should be trained on the policy to ensure its effective implementation. Additionally, monitoring and evaluation mechanisms should be established to track compliance and assess the policy's effectiveness in achieving desired outcomes.
5

Enforcing Corporate Governance

To ensure the effectiveness and accountability of Local Authority Company, it is crucial to enforce strict adherence to corporate governance policies. This involves establishing clear guidelines for board and management responsibilities, financial reporting, conflict of interest management, and ethical conduct. Regular monitoring and evaluation of compliance with these policies are essential to identify and address any deviations. Implementing a robust internal audit function can also contribute to maintaining high standards of corporate governance. By prioritizing corporate governance, LAC can enhance their credibility, attract investment, and ultimately better serve the communities.
6

Collaborative Resource Sharing MOU

To foster collaboration and optimize resource utilization, a Memorandum of Understanding (MOU) will be signed between the Local Authority Company (LAC) and the Atoll Council. This MOU will outline the terms and conditions for sharing resources, such as equipment, facilities, expertise, and financial support. By formalizing this collaborative arrangement, both parties will leverage each other's strengths, reduce costs, and enhance the overall effectiveness of their operations in serving the atoll community.

Points of Discussion

35.2. Amendment to the policy framework for delegating the executive authority over the Atoll Development Plan to Noonu Atoll Company and providing capital investment funds35.1. Providing capital to Noonu Atoll Company32.2 Amendment for Evaluation Process and Criteria for Investment Proposals and Capital Injection of Council-Owned Businesses32.1 Strengthening Corporate Governance for the Noonu Atoll Company31.2 Startup Capital Injection for Noonu Atoll Company31.1 Introduction of Evaluation Process and Criteria for Investment Proposals and Capital Injection of Council-Owned Businesses

Polls & Discussions

Establish and strengthen Noonu Atoll Local Authority Company

Recognizing the potential of a strong Noonu Atoll Company to drive economic development and improve service delivery in atoll is crucial. This initiative will involve ensuring proper registration and a solid legal framework. It will also define the company's share capital structure and establish sound financial management practices. The council will play a guiding role by directing the company's corporate governance policies. To foster collaboration, council will sign Memorandums of Understanding (MOUs) with key stakeholders. Additionally, council will provide the company with necessary office space and infrastructure. To ensure efficient operations, it will introduce a direct procurement policy and strong corporate governance practices. Finally, close collaboration between council staff and the LAC will be crucial for its success.
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Efforts

These Progress serves as all the updates: Establish and strengthen Noonu Atoll Local Authority Company related to action. Stay informed about the Council's progress in consolidating development plans.

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2024

Seeking Administrative Public Relations Officer

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Seeking a Visionary Chief Operations Officer (COO)

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35th Noonu Atoll Council Sitting

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Seeking a Chief Financial Officer (CFO)

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2023

32nd Noonu Atoll Council Sitting

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31st Noonu Atoll Council Sitting

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