The meeting's precise adherence to the Corporate Governance (CG) Code for State-Owned Enterprises (SOEs) was affirmed by the attendance of key government bodies, which were present for both voting and oversight functions.

The Ministry of Finance and Planning (MOFP) was present in its capacity as the government's representative to fulfill the shareholder role. As the entity acting on behalf of the 100% owner (the Government of the Maldives), the MOFP representative held the crucial responsibility of casting the government's vote on all AGM resolutions. This included the approval of the financial statements and Dividend Declaration for the year 2024.

In strict compliance with the CG Code for SOEs, invitations were extended to—and representatives attended from—the regulatory and auditing bodies, whose roles are distinct from the shareholder's voting function. The PCB, the government's central SOE regulatory body, was represented by Mr. Usaidh Asadhulla, Director of SOE Monitoring and Evaluation. A representative from the AGO was also present to observe the meeting.

STELCO's AGM, held on December 1st, 2024, thus served as a key demonstration of its structural adherence to governance regulations, facilitating both the shareholder's exercise of ownership and the direct scrutiny of the state's oversight bodies.