Visit Maldives Corporation Limited (VMC) marked 2025 as a pivotal year in governance, compliance, and institutional development, demonstrating notable advancements in transparency, risk management, and financial discipline across the organisation.
The year involved a comprehensive restructuring of governance frameworks, aligned with national SOE requirements and international best practices. VMC established an Audit & Risk Committee, a Governance Committee, and a HR & Remuneration Committee, enhancing Board oversight, accountability, and structured decision-making. The appointment of a Chief Internal Auditor further strengthened internal controls and assurance systems. For the first time, the corporation introduced a corporate risk registry, enabling systematic identification, evaluation, and mitigation of operational, financial, and compliance risks.
Throughout 2025, VMC met all deadlines set by the Privatization and Corporatization Board (PCB), fully implementing newly introduced governance requirements. Key internal policies—including the Human Resources Policy, Refund Policy, and Endorsement Guidelines—were updated to improve clarity, consistency, and accountability. Additional internal control measures and transparency initiatives were introduced, alongside strategic steps to reduce reliance on single-source procurement. Competitive sourcing practices were enhanced through the launch of a new Vendor Portal.
A structured annual procurement plan was implemented to ensure timely approvals and regulatory compliance, improving overall planning and procurement discipline. These measures allowed the corporation to avoid penalties and fines at major international trade fairs, executing procurement and contracting activities within required timelines—reflecting a significant improvement in operational compliance and discipline.
Governance reforms were supported by strong Board engagement and institutional discipline. In 2025, VMC convened 30 Board meetings with a 97 percent attendance rate, adopted 70 Board resolutions, and approved 62 circular resolutions. Close collaboration between the Board and Management enabled timely decision-making, operational continuity during critical periods, and alignment of organisational initiatives with national tourism priorities.
Despite financial constraints, VMC achieved its highest self-generated revenue performance in eight years, recording a 45 percent year-on-year increase in 2025 compared to 2024. This growth underscores the corporation’s focus on monetisation, financial sustainability, and responsible management of resources.
Reflecting on the year, Visit Maldives reaffirmed its commitment to robust governance, transparency, and strategic oversight as the foundation for long-term institutional resilience. The reforms executed in 2025 position the corporation to enter 2026 with enhanced confidence, operational discipline, and readiness to support national tourism objectives.
