International Firm to Develop Sustainability Reporting Framework for Maldives

Following the introduction of sustainability reporting requirement by CMDA, listed companies in Maldives are in need of comprehensive guidance to comply with national priorities and international best practices for mandatory sustainability reporting, thus ensuring the quality, consistency, and comparability of their reports. As part of this consultancy, support will be provided to CMDA on two key components (1) the development of a sustainability reporting framework and (2) to develop national capacities for reporting against the framework. 

Under the first component the Company will work with UNDP to support the CMDA to develop the nation’s first sustainability reporting framework for private sector and the detailed guidelines required for listed companies to commence sustainability reporting. This framework and guidance documents are expected to outline the minimum disclosure requirements, indicators matrices and the internal accountability functions required by the companies to institute the reporting process. The detailed reporting guidance should help listed companies to establish a standardized reporting process, create their reporting template, collect, and manage reliable and granular data and produce quality reports to verify the impact the companies are generating.

Under the second component, the Company will work with UNDP and CMDA to deliver a comprehensive capacity building program for listed entities to comply with the new sustainability reporting framework and guidelines. The listed companies in Maldives need to be equipped with knowledge and skills to report in a comprehensive and transparent manner. A gap in sustainability-related data hampers investments in sustainability and is further exacerbated by limited capabilities across a wide range of stakeholders in sustainable finance. The capacity building support delivered under this component will equip senior staff of CMDA and listed entities to prepare reliable, consistent, verifiable, and comparable information on sustainability for disclosure under the framework. 

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UNDP Maldives