New commission to watch over local public enterprises


27-March-2013

The Bill was presented by Minister for Finance, Trade and Investment Pierre Laporte during the assembly’s sitting yesterday.

The bill seeks to establish a commission to ensure better performance, transparency and accountability to improve efficiency and competitiveness of the economy and to foster and accelerate the macro-economic stability of the country.

Among its numerous functions, the commission will analyse the approved annual budget of a public enterprise and advise the board as to its adequacy and suitability in compliance with the governing law.

It will also be able to arrange investigation or inspection into the affairs of a public enterprise where necessary in the public interest.

The commission will also have to submit a report of all its activities on a quarterly basis to the minister responsible for Finance.

It will also have several powers and duties such as to request any chief executive or chairperson of a public enterprise board to appear before it to clarify any issues regarding the finance.

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