Visit Maldives Corporation Limited (VMC) has reported significant progress in governance reform, compliance strengthening and financial discipline during 2025, highlighting a year of institutional restructuring and operational consolidation.

According to VMC, the corporation undertook a comprehensive overhaul of its governance framework in line with national State-owned enterprise requirements and recognised best practices. As part of the reforms, VMC formally established an Audit and Risk Committee, a Governance Committee, and a Human Resources and Remuneration Committee, aimed at strengthening board oversight, accountability and structured decision-making. The appointment of a Chief Internal Auditor was also made during the year to reinforce internal control and assurance mechanisms.

Furthermore, VMC introduced a comprehensive corporate risk registry for the first time to enable systematic identification, assessment and mitigation of operational, financial and compliance-related risks. The corporation said this formed a key component to improve risk management and institutional resilience.

Throughout the year, VMC met all deadlines set by the Privatization and Corporatization Board (PCB), incorporating newly introduced governance amendments and compliance requirements. Several internal policies were revised during the year, including the Human Resources Policy, Refund Policy and Endorsement Guidelines, with the aim of improving clarity, consistency and accountability across the organisation.

The corporation also introduced new internal control and transparency measures, alongside steps to reduce reliance on single-source procurement. A vendor portal was launched to strengthen competitive sourcing practices, while a structured annual procurement plan was implemented to improve planning discipline and regulatory compliance. VMC said these measures contributed to the avoidance of penalties and fines at major international trade fairs, with procurement and contracting processes completed within required timelines.

VMC reported a high level of board engagement during the year, with 30 board meetings held and a 97 per cent attendance rate. A total of 70 board resolutions and 62 circular resolutions were approved, which the corporation said supported timely decision-making and operational continuity during critical periods.

Despite financial constraints, VMC recorded its highest self-generated revenue in the past eight years, achieving a 45 per cent increase in 2025 compared to 2024. The corporation said the performance reflected a growing focus on monetisation, financial sustainability and responsible resource management.

VMC said the reforms implemented in 2025 have strengthened governance, transparency and strategic oversight, positioning the corporation to enter 2026 with improved operational discipline and capacity to support national tourism objectives.