Five of eight listed companies advance sustainability reporting ahead of 2026 requirement

Five of the eight listed companies assessed by the Capital Market Development Authority (CMDA) published sustainability disclosures in 2025 that went beyond narrative corporate social responsibility reporting, ahead of mandatory sustainability reporting requirements taking effect from the 2026 reporting cycle.

The finding was highlighted in CMDA’s 2025 Corporate Governance Code review, which examined governance reporting by eight listed companies.

State Trading Organization (STO) and Dhiraagu published standalone or integrated sustainability reports prepared with reference to international frameworks. Amana Takaful Maldives and Maldives Islamic Bank published measured environmental, social and governance disclosures mapped to named frameworks.

Ooredoo Maldives also published substantial sustainability performance data, although CMDA noted that it was not supported by a formal policy framework.

Meanwhile, Bank of Maldives, Maldives Tourism Development Corporation and Housing Development Finance Corporation published narrative CSR content without reference to a sustainability reporting framework.

CMDA cautioned that companies relying primarily on narrative CSR reporting should not assume their existing disclosures will meet the requirements of the Maldives Sustainability Reporting Framework (MSRF) when it becomes mandatory.

The Authority encouraged companies to begin mapping their disclosures against the MSRF during the current reporting cycle and to establish the data collection processes required for quantitative sustainability reporting.

Sustainability provisions were not included in the compliance scores for the 2025 review because the MSRF had not yet become mandatory during the period assessed.