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Tradenet Holds Second EGM of 2024

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Oct 15, 2024

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Tradenet Holds Second EGM of 2024

Tradenet Holds Second EGM of 2024

On 15 October 2024, Tradenet Maldives convened its second Extraordinary General Meeting (EGM) of the year at its head office. The meeting provided an important opportunity to review the company’s performance in 2023 and outline key strategic initiatives for the year ahead.

Key stakeholders attended to participate in discussions and decisions that will shape the company’s future direction. Below are the primary points addressed during the meeting.

Opening Remarks

The meeting commenced with opening remarks from the Chairperson, Mr. Siyah Khaleel. He welcomed the stakeholders and emphasised the importance of the meeting in reviewing critical financial reports and addressing compliance matters. Mr. Khaleel reaffirmed Tradenet’s commitment to corporate governance, noting that all topics discussed would be transparently shared with stakeholders, in line with the Corporate Governance Code of the Privatisation and Corporatisation Board (PCB).

  • Primary Purpose of the Meeting: The Chairperson highlighted the key objective of presenting and obtaining approval for the Financial and Audit Reports for 2023.

  • Clearing the Backlog: He announced the completion of the audit backlog, bringing the company’s annual reporting up to date.

  • Compliance Milestones: Mr. Khaleel underscored that Tradenet has now achieved full compliance with the PCB’s Corporate Governance Code.

  • Financial Independence: With the impending launch of the Tradian platform, the Chairperson outlined the company’s goal of reducing its reliance on government funding and moving toward financial sustainability.

Mr. Khaleel concluded by expressing confidence that these efforts will enhance stakeholder trust and contribute to the long-term success of the company.

Financial and Annual Reports

  • Audited Financial Statements 2023: Chief Financial Officer Abdul Mugeeth presented the Audited Financial Statements, providing a detailed overview of the company’s financial activities. These statements, independently audited, ensured compliance with all accounting standards.

  • Annual Report 2023: General Manager Ahmed Varish Mohamed presented the Annual Report, which outlined key achievements in 2023, including the development of the oneGov platform and progress on the National Single Window platform, now branded as Tradian. The report also highlighted CSR activities such as the oneGov pop-up event at Sultan Park.

Managing Director’s Address

Managing Director Ms. Saeeda Umar provided further insights into Tradenet’s operational progress:

  • Corporate Governance Improvements: Ms. Umar reiterated the company’s full compliance with the PCB’s Corporate Governance Code, reflecting significant strides in corporate governance practices.

  • Workforce and Productivity: She reported a 8% reduction in workforce during the year but noted a sharp increase in productivity among remaining staff, thanking the team for their efforts.

  • Financial Challenges: Ms. Umar acknowledged ongoing efforts to achieve financial independence, with a focus on addressing the net loss reported in 2023. She stressed that the launch of Tradian will play a key role in achieving this goal.

  • ISO Standardisation: The Managing Director shared plans to align the company’s services with International Organisation for Standardisation (ISO) standards, enhancing global marketability.

  • Skill Development: Ms. Umar announced upcoming initiatives to promote skill development for both staff and the public, focusing on digital literacy and supporting the company’s digital transformation goals.

Q&A Session

Stakeholders had the opportunity to raise questions during a dedicated Q&A session:

  • Financial Independence: A key question concerned the company’s timeline for reducing reliance on government funding. Ms. Umar explained that delays in launching the Tradian platform have impacted this transition but affirmed that financial independence remains a priority, supported by ongoing governance improvements.

  • Sustainability Report: One stakeholder inquired about the absence of a sustainability report. The Managing Director clarified that the report has been shared with the PCB and published on the company’s website. She also acknowledged that CSR activities were limited due to financial constraints but assured stakeholders of improved efforts going forward.

Closing Remarks

The meeting concluded with remarks from the Chairperson, who thanked stakeholders for their participation and engagement. Mr. Khaleel recognised the challenges overcome by the company in achieving full compliance with the Corporate Governance Code and emphasised that with the completion of the audit backlog, Tradenet is well-positioned for future growth. He also extended his appreciation to the Tradenet team for their hard work in organising the EGM and the company’s recent anniversary celebrations.

The second EGM of 2024 was a pivotal event for Tradenet Maldives, underscoring our commitment to transparency, corporate governance, and strategic growth. We have made significant progress toward achieving full compliance with the Corporate Governance Code, and remain focused on reducing our financial dependence on government funding as part of our long-term strategy for sustainable success.

We extend our sincere thanks to our stakeholders from the Ministry of Finance, Auditor General’s Office, PCB, and our external auditors for their continued support and valuable contributions.

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