Public Enterprises (Performance and Accountability) Act 2009
PUBLIC ENTERPRISES (PERFORMANCE
AND ACCOUNTABILITY) ACT 2009
Public Enterprises (Performance and
Accountability) Act 2009 Arrangement of Sections
Act No 1 of 2010 Page 3
PUBLIC ENTERPRISES (PERFORMANCE AND
ACCOUNTABILITY) ACT 2009
Arrangement of Sections
Section
PART I 7
PRELIMINARY 7
1 Short Title .............................................................................................................. 7
2 Commencement ..................................................................................................... 8
3 Interpretation .......................................................................................................... 8
4 Purpose................................................................................................................... 9
PART II 9
FORMATION AND OWNERSHIP OF PUBLIC TRADING ENTERPRISES 9
5 Transfer to the Companies Act 1991 ..................................................................... 9
6 Ministerial Shareholding ........................................................................................ 9
7 Disposal of Shares ............................................................................................... 10
PART III 11
OBJECTIVE OF PUBLIC TRADING ENTERPRISES 11
8 Principal objective to be a successful business .................................................... 11
PART IV 11
COMMUNITY SERVICE OBLIGATIONS 11
9 Definition of Community Service Obligation ...................................................... 11
10 Minister may direct Community Service Obligation ........................................... 12
11 Minister to follow procedure concerning Community Service Obligation .......... 12
Arrangement of Sections
Public Enterprises (Performance and
Accountability) Act 2009
Page 4 Act No 1 of 2010
12 Procedure for issuing direction for Community Service Obligation .................... 13
13 Offence to unlawfully direct Director or Board of Directors ............................... 13
PART V 13
OBJECTIVES OF PUBLIC BENEFICIAL ENTERPRISES 13
14 Principal objective to be a successful beneficial enterprise ................................. 13
PART VI 14
APPOINTMENT AND ROLE OF DIRECTORS 14
15 Selection and Appointment of Directors .............................................................. 14
16 Role of Directors of Public Trading Enterprises .................................................. 14
17 Decisions by Directors of Public Trading Enterprises ......................................... 14
18 Role of Directors of Public Beneficial Enterprises .............................................. 14
19 Decisions by Directors of Public Beneficial Enterprise ....................................... 15
20 Declaration of Pecuniary Interests and Convictions ............................................ 15
21 Decisions by Directors involving a conflict of interest ........................................ 15
PART VII 16
ACCOUNTABILITY 16
22 Corporate Plan ...................................................................................................... 16
23 Financial Reports, Accounts and Information ...................................................... 16
24 Performance Audit ............................................................................................... 17
25 Director liable to be dismissed ............................................................................. 18
26 Secretary for Finance to undertake assessment of performance .......................... 18
27 Auditor General to be Auditor of Public Enterprises and Subsidiaries ................ 19
PART VIII 19
SUPPORT FOR PUBLIC ENTERPRISES AND DIRECTORS 19
28 Support by the Public Enterprise Monitoring Unit, Ministry of Finance ............. 19
PART IX 20
OTHER MATTERS 20
29 Transfer of employment from the Public Service ................................................ 20
30 Powers .................................................................................................................. 20
31 Delegation by Shareholding Ministers, Auditor General and Secretary for
Finance ................................................................................................................. 21
32 Regulations ........................................................................................................... 21
Public Enterprises (Performance and
Accountability) Act 2009 Arrangement of Sections
Act No 1 of 2010 Page 5
SCHEDULE 22
SCHEDULE 1 22
SCHEDULE 2 22
SCHEDULE 3 26
SCHEDULE 4 30
SCHEDULE 5 33
SCHEDULE 6 35
SCHEDULE 7 37
Public Enterprises (Performance and Accountability) Act
2009 Section 1
Act No 1 of 2010 Page 7
PUBLIC ENTERPRISES (PERFORMANCE AND
ACCOUNTABILITY) ACT 2009
AN ACT TO PROMOTE IMPROVED PERFORMANCE AND
ACCOUNTABILITY IN RESPECT OF PUBLIC ENTERPRISES BY
SPECIFYING PRINCIPLES GOVERNING THE OPERATION OF PUBLIC
ENTERPRISES, SPECIFYING THE PRINCIPLES AND PROCEDURE
FOR THE APPOINTMENT OF DIRECTORS OF A PUBLIC
ENTERPRISE, ESTABLISHING REQUIREMENTS CONCERNING
ACCOUNTABILITY FOR PUBLIC ENTERPRISES AND PROVIDING
SUPPORT FOR SHAREHOLDING MINISTERS ON MATTERS
RELATING TO PUBLIC ENTERPRISES.
ENACTED BY THE PARLIAMENT OF TUVALU
28
th
May 2010
Commencement [1
st
December 2010]
PART I
PRELIMINARY
1 Short Title
This Act may be cited as the Public Enterprises (Performance and Accountability)
Act 2009.
Section 2
Public Enterprises (Performance and Accountability) Act
2009
Page 8 Act No 1 of 2010
2 Commencement
This Act shall come into force on such date as the Minister may by notice appoint.
3 Interpretation
(1) In this Act, unless the context otherwise requires:
“Act” means the Public Enterprises (Accountability and Performance) Act
2009
“Board” means –
(a) In relation to a Public Enterprise that is a company, the board of directors
of the Public Enterprise;
(b) In relation to a Public Enterprise that is not a company, the persons
occupying the positions in or in relation to the Public Enterprise (under
governing legislation that are comparable with) those of the board of directors
of a company.
“Governing legislation” means an Act which provides for the establishment,
purposes, functions and governance and purposes of an individual Public
Enterprise.
“Organization” includes a company, a enterprise corporate, a statutory
corporation, a statutory enterprise, a trust, a partnership and a joint venture.
“Public Enterprise” means an organization included in Schedule 1 and any
subsidiary of a Public enterprise.
“Public Beneficial Enterprise” means an organisation listed in Part B of
Schedule 1 and any subsidiary of a Public Beneficial Enterprise:
“Public Trading Enterprise” means an organisation listed in Part A of
Schedule 1 and any subsidiary of a Public Trading Enterprise.
“Responsible Minister” in relation to a Public Enterprise means the Minister
for the time being responsible for that Public Enterprise.
“Shares” means –
(a) In relation to a company that has issued shares, a share of any
class;
(b) In relation to an organization (other than a company) that has a
capital, an interest in or right to the whole or any part of that
capital, other than an interest or right as a creditor;
(c) In relation to a company or other organization that does not have a
capital,
Public Enterprises (Performance and Accountability) Act
2009 Section 4
Act No 1 of 2010 Page 9
(i) an interest in or right to any part of the assets of
the company or organization other than an interest
or right as a creditor; or
(ii) where there are no assets, a direct or contingent
obligation to contribute money to or bear losses of
the company or organization; and
“shareholder” has a corresponding meaning.
“Shareholding Ministers” means the Minister of Finance and the
Responsible Minister and, where the Minister of Finance is also the
Responsible Minister, a Minister who is approved by Cabinet to be a
Shareholding Minister for the purpose of this Act.
“Subsidiary” has the same meaning as in the Companies Act 1991.
(2) Part A of Schedule I provides the list of Public Trading Enterprises and Part B
of Schedule 1 provides the list of Public Beneficial Enterprises.
4 Purpose
The purpose of this Act is to enhance the performance and accountability of Public
Enterprises in order to provide the best possible service for the people of Tuvalu
thereby contributing to Tuvalu’s social, cultural, economic and commercial
development.
PART II
FORMATION AND OWNERSHIP OF PUBLIC TRADING ENTERPRISES
5 Transfer to the Companies Act 1991
Despite the provisions of any law each Public Trading Enterprise shall register as a
company under the Companies Act 1991 at a time and in such form of registration
as determined by the Minister of Finance.
Every existing Public Trading Enterprise is deemed to have been registered as a
company under the Companies Act at the coming into effect of this Act. A Public
Trading Enterprise formed after the effective date of this Act must register as a
company under the Companies Act 1991 within one month of its formation.
6 Ministerial Shareholding
(1) Shares in a Public Trading Enterprise held by Share-holding Ministers are
held ex officio on behalf of the people of Tuvalu and must be registered
accordingly
Section 7
Public Enterprises (Performance and Accountability) Act
2009
Page 10 Act No 1 of 2010
(2) The Minister of Finance and each responsible Minister may subscribe for or
otherwise acquire all of the shares in a Public Trading Enterprise.
(3) Where a Public Trading Enterprise has entered into a joint venture or other
legal entity such that the shareholding of the Government is less than 100%
this section shall only apply to the shares of such joint venture or other legal
entity which are owned by the Government.
(4) The number of shares in a Public Trading Enterprise held by each
shareholding Minister pursuant to subsection (1) shall be the same.
(5) Any money required to be paid by a shareholding Minister on subscribing or
applying for, or being allotted, shares pursuant to subsection (1) shall be paid
out of money appropriated by Parliament for the purpose.
(6) The shareholding Minister is responsible to Parliament for the performance of
Public Enterprises under the Act.
(7) The Board of a Public Trading Enterprise shall be accountable to the
shareholding Minister.
(8) The Board of a Public Beneficial Enterprise shall be accountable to the
Shareholding Minister.
7 Disposal of Shares
(1) Subject to this section a shareholding Minister shall not:
(a) Sell or otherwise dispose of any shares in a Public Trading Enterprise
held in the Minister’s name; or
(b) Permit shares in the Public Trading Enterprise to be allotted or issued to
any person other than a shareholding Minister; except in accordance
with this Act.
(2) A share in a Public Trading Enterprise held by a shareholding Minister may
only be sold or otherwise disposed with the approval of the Governor General
acting on the advice of Cabinet.
(3) Cabinet may call for investments in any Public Trading Enterprise by way of
subscriptions for the purchase and acquisition of shares in the Public Trading
Enterprise or by any other scheme of investment it approves.
(4) Cabinet may:
(a) Approve the sale of shares or any other scheme of investment in any
Public Trading Enterprise; and
(b) As part of any sale of shares or other scheme of investment, approve
the sale or transfer of some or all of the shares held by a Shareholding
Minister on such terms and conditions as determined by Cabinet.
Public Enterprises (Performance and Accountability) Act
2009 Section 8
Act No 1 of 2010 Page 11
(5) Subject to subsection (6) the Minister of Finance shall give the Speaker of
Parliament a report on the sale of shares or other scheme of investment for a
Public Trading Enterprise approved by Cabinet within 14 days of Cabinet
approving the sale of shares or other scheme of investment, and the report
must be tabled by the speaker in the parliament session immediately following
the submission of the report.
(6) Where, in the opinion of the Minister of Finance, the tabling of a report under
subsection (5) would have the effect of decreasing the value of any Public
Trading Enterprise or any shares in a Public Trading Enterprise the Minister
shall delay the tabling of such report until he or she is satisfied that the value
of the Public Trading Enterprise or shares in the Public Trading Enterprise
will not be adversely affected by the tabling of such report and, where such
report is ultimately tabled, the Minister of Finance shall provide a written
statement with the report explaining the delay.
PART III
OBJECTIVE OF PUBLIC TRADING ENTERPRISES
8 Principal objective to be a successful business
Subject to the Companies Act 1991, the principal objective of every Public Trading
Enterprise shall be:
(a) to operate as a successful business; and
(b) be as profitable and efficient as comparable businesses that are not
owned by the State; and
(c) meet any community service obligations established under Part III; and
(d) be a good employer (as defined in subsection (2); and
(e) be an organisation that shows social responsibility by considering the
interests of the community in which it operates.
PART IV
COMMUNITY SERVICE OBLIGATIONS
9 Definition of Community Service Obligation
(1) For the purposes of this Act a Community Service Obligation means:
Section 10
Public Enterprises (Performance and Accountability) Act
2009
Page 12 Act No 1 of 2010
(a) The provision of a good or service by a Public Trading Enterprise to a
consumer or user on any terms other than normal commercial terms
applying from time to time; or
(b) The entering into an agreement by a Public Trading Enterprise on any
terms other than normal commercial terms applying from time to time;
or
(c) The forbearance by a Public Trading Enterprise to exercise a right or
entitlement other than on normal commercial terms applying from time
to time.
(d) The forgiveness or reduction by a Public Trading Enterprise of a debt
or an amount of money owed to the Public Trading Enterprise other
than on normal commercial terms applying from time to time
(2) Nothing in this part shall prevent a Public Trading Enterprise from exercising
a commercial judgement to make donations to worthy causes or to price goods
and services at or below the cost of their production.
10 Minister may direct Community Service Obligation
Subject to this Part the Responsible Minister may direct a Public Trading Enterprise
to provide a Community Service Obligation if the performance of the obligation is
necessary to ensure:
(a) that there is universal access to a necessary good or service; or
(b) the promotion of a policy vital to the national interest as declared by the
Governor General acting on the advice of Cabinet; or
(c) that there is a proper and timely response to a local, regional, national
or international emergency; or
(d) the correction of an injustice as declared by the Ombudsman.
11 Minister to follow procedure concerning Community Service Obligation
(1) In performing any power or duty under this Part the Responsible Minister
shall follow the procedures provided in Schedule 2 concerning the issuing of a
direction to a Public Trading Enterprise to provide a Community Service
Obligation.
(2) Any direction by a Responsible Minister under this Part which fails to follow
the procedures provided in Schedule 2 shall be invalid.
Public Enterprises (Performance and Accountability) Act
2009 Section 12
Act No 1 of 2010 Page 13
12 Procedure for issuing direction for Community Service Obligation
(1) The procedures for issuing of a direction by the Responsible Minister to a
Public Trading Enterprise to provide a Community Service Obligation are
provided in Schedule 2.
(2) Schedule 2 may be amended from time to time by regulation made by the
Minister of Finance acting on the advice of Cabinet.
(3) Any regulations made pursuant to this section shall be laid before the
Parliament within fourteen days of the making of the regulations or, where the
Parliament is not sitting, within seven days of the commencement of the next
sitting after the promulgation of the regulations.
13 Offence to unlawfully direct Director or Board of Directors
(1) Any person who knowingly directs or attempts to direct a Director or the
Board of Directors of a Public Trading Enterprise to perform a Community
Service Obligation other than in accordance with the provisions of this Act is
guilty of an offence and shall be liable to a fine of up to $10,000.00.
(2) Any person who, whilst acting in the capacity of a Director of a Public
Trading Enterprise, knowingly makes or takes part, or attempts to make or
take part, in the making of a decision to perform a Community Service
Obligation, other than in accordance with the provisions of this Act is guilty
of an offence and shall be liable to a fine of up to $10,000.00.
PART V
OBJECTIVES OF PUBLIC BENEFICIAL ENTERPRISES
14 Principal objective to be a successful beneficial enterprise
The principal objective of every Public Beneficial Enterprise shall be to provide
excellent service to its users and to this end:
(a) meet the purposes and objectives of its governing legislation; and
(b) operate in as efficient and effective manner as comparable
organisations that are not owned by the State; and
(c) act as good employer; and
(d) be an organisation that shows social responsibility by considering the
interests of the community in which it operates.
Section 15
Public Enterprises (Performance and Accountability) Act
2009
Page 14 Act No 1 of 2010
PART VI
APPOINTMENT AND ROLE OF DIRECTORS
15 Selection and Appointment of Directors
(1) Every Director of a Public Enterprise shall be selected and appointed or
reappointed in accordance with the criteria for selection and procedure for
appointment of directors in Schedule 3.
(2) The appointment or reappointment of a director of a Public Enterprise which
fails to follow the criteria for selection and procedure for appointment in
Schedule 3 shall be invalid.
(3) The criteria for selection and procedure for appointment of directors of Public
Enterprises are set out in Schedule 3.
16 Role of Directors of Public Trading Enterprises
Every director of a Public Trading Enterprise shall ensure that it complies with the
Companies Act 1991.
17 Decisions by Directors of Public Trading Enterprises
(1) Every decision by a director of a Public Trading Enterprise and every decision
by a Board of Directors of a Public Trading Enterprise shall be made solely in
compliance with provisions of the Companies Act 1991 and section 136 of the
Act.
(2) A person who, whilst acting in the capacity of a director of a Public Trading
Enterprise, knowingly makes any decision other than for the purpose of
complying with the provisions of the Companies Act 1991 and in accordance
with section 136 of the Act is guilty of an offence and shall be liable to a fine
of up to $10,000.00
18 Role of Directors of Public Beneficial Enterprises
Every Director of a Public Beneficial Enterprises shall ensure that the Public
Beneficial Enterprise provides excellent service to its users in accordance with
section 14 of the Act.
Public Enterprises (Performance and Accountability) Act
2009 Section 19
Act No 1 of 2010 Page 15
19 Decisions by Directors of Public Beneficial Enterprise
(1) Every decision by a Director of a Public Beneficial Enterprise and a Board of
Directors of a Public Beneficial Enterprise shall be made solely for the
purpose of ensuring that the Public Beneficial Enterprise provides service to
its users in accordance with section 14.
(2) Any person who whilst acting in the capacity of a Director of a Public
Beneficial Enterprise, knowingly makes any decision other than for the
purpose of ensuring that the Public Beneficial Enterprise provides excellent
service to its users in accordance with section 14 shall be guilty of an offence
and shall be liable to a fine of up to $10,000.00
20 Declaration of Pecuniary Interests and Convictions
(1) Every director of a Public Enterprise shall provide the Shareholding Ministers
and the Auditor General, the Secretary for Finance and the Attorney General
with a Declaration of Pecuniary Interests and Convictions in the form
provided in Schedule 4 within 2 months of the commencement of the Act and
annually thereafter by the 30th day of June.
(2) A director of a Public Enterprise who fails to perform his or her duty under
subsection (1) shall lose his or her position as a director.
(3) Each Declaration of Pecuniary Interests and Convictions shall be available for
public inspection at the Office of the Attorney General during normal
business hours upon payment of a fee set by regulation.
(4) The Attorney General shall keep a register of Declarations of Pecuniary
Interests and Convictions to enable the public to exercise their rights under
subsection (3).
(5) The form and content of the Declaration of Pecuniary Interests and
Convictions are set out in Schedule 4.
(6) Schedule 4 to the Act may be amended by regulation made by the Minister of
Finance acting on the advice of Cabinet.
(7) Any regulations made pursuant to this section shall be laid before the
Parliament within fourteen days of the making of the regulations or, where the
Parliament is not sitting, within seven days of the commencement of the next
sitting after the regulations have been promulgated.
21 Decisions by Directors involving a conflict of interest
(1) A person who whilst acting in the capacity of a director of a Public Enterprise,
knowingly makes or takes part in the making, or attempts to take part in the
making of a decision where the person has a pecuniary or other interest which
Section 22
Public Enterprises (Performance and Accountability) Act
2009
Page 16 Act No 1 of 2010
conflicts with the interests of the Public Enterprise is guilty of an offence and
shall be liable to a fine of up to $10,000.00
(2) A person convicted under this section shall immediately lose his or her
directorship of the particular Public Enterprise and any other Public Enterprise
of which the person is a director.
(3) The contents of Sections 20-21 will be superseded by Sections 29-36 and all
other relevant provisions of the Leadership Code Act of 2006 when the latter
comes into operation.
PART VII
ACCOUNTABILITY
22 Corporate Plan
(1) The Board of Directors of each Public Enterprise shall prepare a Corporate
Plan in accordance with Schedule 5 to the Act and shall forward a copy of the
Corporate Plan to each shareholding Minister, the Auditor General and the
Secretary for Finance before the start of each financial year.
(2) The Corporate Plan shall include a Statement of Corporate Objectives.
(3) The form and content of the Corporate Plan are set out in Schedule 5.
(4) Schedule 5 to the Act may be amended by regulation made by the Minister of
Finance acting on the advice of Cabinet.
(5) Any regulations made pursuant to this section shall be put before the
Parliament within fourteen days of the making of the regulations or, where the
Parliament is not sitting, within seven days of the commencement of the next
sitting after the regulations have been promulgated.
(6) The Statement of Corporate Objectives referred to in subsection (2) shall be
put before the Parliament within fourteen days of the Responsible Minister
receiving the Statement of Corporate Objectives from the Public Enterprise or
where the Parliament is not sitting, within seven days of the commencement
of the next sitting after the Statement of Corporate Objectives has been
received by the Responsible Minister.
23 Financial Reports, Accounts and Information
(1) In addition to the financial reports, accounts and information required by the
Companies Act 1991 or governing legislation, as the case may be, each Public
Enterprise shall prepare financial reports, accounts and information in
accordance with the requirements of Schedule 6.
Public Enterprises (Performance and Accountability) Act
2009 Section 24
Act No 1 of 2010 Page 17
(2) Schedule 6 to the Act may be amended by regulation made by the Minister of
Finance acting on the advice of Cabinet.
(3) Any regulations made pursuant to this Section shall be laid before the Parliament
within fourteen days of the making of the regulations or, where the Parliament
is not sitting, within seven days of the commencement of the next sitting after
the regulations have been promulgated.
24 Performance Audit
(1) A shareholding Minister or the Secretary for Finance may require the Auditor
General to conduct a performance audit of a Public Enterprise.
(2) Upon being requested in writing by a shareholding Minister or the Secretary
for Finance the Auditor General shall conduct a performance audit.
(3) Of his or her own motion the Auditor General may conduct a performance
audit, hiring appropriate technical expertise if necessary.
(4) For the purposes of the Act a performance audit shall take the form of an
enquiry by the Auditor General as to the circumstances and performance of a
Public Enterprise and shall include an enquiry as to the performance of any
duty or responsibility under the Act, the Companies Act 1991 or any
governing legislation by any person, director, board of directors or Public
Enterprise.
(5) Upon completion of a performance audit the Auditor General shall forward a
report to each shareholding Minister, the Secretary for Finance and the
Speaker of the Parliament.
(6) Upon receipt of any report provided under subsection (5) the Speaker shall lay
the report before the Parliament
(7) In conducting a performance audit the Auditor General shall have all such
powers as are necessary or expedient to enable the Auditor General to carry
out his or her functions under this section.
(8) Without limiting the generality of subsection (7) the Auditor General shall
have the power:
(a) to inspect and take copies of any document, file, bank statement or
record (whether paper, electronic or in any other form);
(b) to seize any document, file, record (whether paper, electronic or in any
other form), bank statement, or any computer or other electronic device,
recording system or database;
(c) to enter any premises, if necessary by force, to search for and seize any
item the Auditor General believes on reasonable grounds is needed to
assist with the conduct of a performance audit; and the Commissioner
of Police and the Secretary for Finance shall give any assistance the
Section 25
Public Enterprises (Performance and Accountability) Act
2009
Page 18 Act No 1 of 2010
Auditor General may request to enable a performance audit to be
completed.
(9) Notwithstanding any law now existing the Auditor General shall have the
power to require any bank, financial institution, trust, trustee, accountant,
lawyer, any other legal entity, Minister, Member of Parliament, Government
Department, Government organization, departmental head, public servant or
any other person to answer any question which the Auditor General may
require the entity or person to answer.
(a) The powers of the Auditor General under subsection 9(i) are subject
only to the right of any person to refuse to answer a question if the
person believes that the answer would incriminate the person.
(b) Where a person refuses to answer a question on the grounds of self-
incrimination the Auditor General shall include details of the refusal in
the report of the performance audit.
25 Director liable to be dismissed
If, following a performance audit it is found that a director of a Public Enterprise has
failed to perform any duty or function required of the director under this Act, the
Companies Act 1991 or any governing legislation, the Responsible Minister may
dismiss the director from the Public Enterprise.
26 Secretary for Finance to undertake assessment of performance
(1) The Secretary for Finance may at any time undertake an assessment as to the
performance of a Public Enterprise and its capacity to meet its obligations
under the Act, the Companies Act 1991 or any governing legislation.
(2) The assessment under subsection (1) may take the form of an inquiry in such
manner as the Minister of Finance thinks fit.
(3) In conducting an assessment under (1) the Secretary for Finance shall have all
such powers as are necessary or expedient to enable the Secretary for Finance
to carry out his or her functions under this section.
(4) Without limiting the generality of subsection (3) the provisions of subsections
(8) and (9) of section 24 of the Act shall apply to any assessment conducted
by the Secretary for Finance under this section and where the Auditor General
is referred to in subsections (8) and (9) of section 24 of the Act the references
shall be read as referring to the Secretary for Finance and the powers of the
Secretary for Finance.
Public Enterprises (Performance and Accountability) Act
2009 Section 27
Act No 1 of 2010 Page 19
27 Auditor General to be Auditor of Public Enterprises and Subsidiaries
(1) Notwithstanding the provisions of the Companies Act 1991 and any
governing legislation the Auditor General shall be the auditor of every Public
Enterprise and of every subsidiary of every Public Enterprise, and, for the
purposes of the Companies Act 1991 shall have and may exercise the
functions, duties, and powers of an auditor appointed under the Act and all
such powers in respect of public moneys trust money and public property.
(2) Every Public Enterprise shall pay to the Auditor General or an external
auditor so appointed by the Auditor General for carrying out the duties and
functions under this section fees at such rates no greater than those prescribed
by the Minister of Finance.
(3) The Auditor General may after consultation with the Board of a Public
Enterprise, appoint a person or firm that is qualified for appointment as an
auditor of a company to audit the Public Enterprise. Consistent with his or her
constitutional powers, it shall be the responsibility of the Auditor General to
certify that a completed audit has been carried out in accordance with
internationally recognised best practices of auditing and the opinion expressed
therein are supported. In this context best practice includes ensuring adequate
experience and skills are possessed by the individuals who are to perform the
audit.
PART VIII
SUPPORT FOR PUBLIC ENTERPRISES AND DIRECTORS
28 Support by the Public Enterprise Monitoring Unit, Ministry of Finance
(1) The Public Enterprise Monitoring Unit, Ministry of Finance shall provide any
Shareholding Minister, director and board of directors of a Public Enterprise
with:
(a) advice and assistance concerning Corporate Plans, Statements of
Corporate Objectives and financial reports;
(b) analysis, advice and information concerning the performance of any
Public Enterprise and compliance with the Act by any Public Enterprise
or person;
(c) advice to shareholding Ministers on expenditure, advances, credit
support, and guarantees to be made, sought or provided in relation to a
Public Enterprise:
(d) financial, commercial and public policy analysis and advice in relation
to Public Enterprises and in relation to corporatization and/or
privatization of Public Enterprises;
Section 29
Public Enterprises (Performance and Accountability) Act
2009
Page 20 Act No 1 of 2010
(e) advice on the appointment of directors and boards of Public Enterprises
and the performance of such directors and boards;
(f) information and advice relating to best practice by Public Enterprises so
as to encourage and enhance efficiencies and service delivery; and
(g) information and advice to shareholding Ministers when requested to do
so.
(2) The Public Enterprise Monitoring Unit, Ministry of Finance shall be
responsible for monitoring the performance of Public Enterprises on behalf of
the Shareholding Ministers and advising the Shareholding Ministers in respect
of the Government’s investment in Public Enterprises.
PART IX
OTHER MATTERS
29 Transfer of employment from the Public Service
(1) Except as otherwise provided in this Act every Public Enterprise shall consult
with the Public Service Commission over the conditions of employment to be
included in any agreement to be entered into with any employee transferring
from employment in the Public Service, for the purpose of ensuring that such
agreement contains terms that are no less favourable than those upon which
the employee is employed immediately before the transfer.
(2) For the avoidance of doubt on the establishment of a Public Enterprise all
employees transferring employment from the Public Service to the Public
Enterprise shall transfer on terms no less favourable than those applicable to
him or her immediately prior to transfer.
(3) Every employee transferring employment from the Public Service to a Public
Enterprise shall be entitled, in accordance with any regulations made under
this Act, to the payment of such entitlements as they have accumulated during
their employment in the Public Service.
30 Powers
The Governor General, Cabinet, Ministers, Auditor General , Secretary for Finance,
Attorney General, Ombudsman, Commissioner of Police, each Public Enterprise and
each Director of a Public Enterprise shall have the power to do all lawful things
necessary or convenient to be done for or in connection with the performance of
their respective powers, functions and duties under the Act.
Public Enterprises (Performance and Accountability) Act
2009 Section 31
Act No 1 of 2010 Page 21
31 Delegation by Shareholding Ministers, Auditor General and Secretary
for Finance
(1) The Shareholding Ministers, the Auditor General and the Secretary for
Finance may delegate any of their powers, functions and duties under this Act
in writing, except for this power of delegation.
(2) Where a delegation has occurred in accordance with this section any decision
or action taken by the person to whom the power, function or duty is
delegated shall be regarded for all purposes as if it were a decision or action
of the Shareholding Minister, the Auditor General or the Secretary for
Finance, as the case may be.
32 Regulations
(1) The Minister of Finance acting on the advice of Cabinet may make
regulations prescribing matters:
(a) Required or permitted by this Act to be prescribed including amendment
of, or addition to, the Schedules; or
(b) Necessary or convenient to be prescribed for carrying out or giving effect
to this Act; or
(c) To impose penalties for any matter under this Act.
(2) All regulations made under this section shall be laid before the Parliament by
the Minister of Finance within 14 days of the date of the making thereof if the
Parliament is then in session, and if not, at the commencement of the next
session.
SCHEDULE
Public Enterprises (Performance and Accountability) Act
2009
Page 22 Act No 1 of 2010
SCHEDULE
Schedule 1
(section 3(2))
PART A -Public Trading Enterprises
National Bank of Tuvalu (NBT)
Development Bank of Tuvalu (DBT)
Telecommunications Corporation (TTC)
Vaiaku Lagi Hotel (VLH)
Electricity Corporation (TEC)
Fishing Corporation (NAFICOT)
Philatelic Bureau. (TPB)
PART B -Public Beneficial Enterprises
Maritime Training Institute (TMTI)
Schedule 2
(section 11)
PROCEDURES CONCERNING COMMUNITY SERVICE OBLIGATION
2. Procedures for the issuing of a direction applied for by the Board of Directors
of a Public Trading Enterprise or a Minister (other than the Responsible
Minister), for the performance of a Community Service Obligation (CSO)
Public Enterprises (Performance and Accountability) Act
2009 Schedule 2
Act No 1 of 2010 Page 23
2.1 Before the Responsible Minister issues a direction the following procedures
have to be complied with:
2.1.1 The Board of a Public Trading Enterprise under Schedule 1 or a
Minister, (other than the Responsible Minister) may apply to the
Responsible Minister to issue a direction for the performing of a
CSO.
2.1.2 An application under sub-clause 2.1.1 for a direction of a CSO
shall include:
(a) the scope of the CSO; and This section shall provide a
description of the function to be performed, service provided or
concession allowed.
(b) the legislative authority under which the CSO is being provided;
and This section shall refer to the legislative authority in section
10 of the Act given to a Public Trading Enterprise to perform the
CSO.
(c) any other Government objective being pursued that is not
covered in the Act; and This section shall provide what outcome
the Government is achieving from the delivery of this CSO. The
implications for this objective of not continuing the CSO should
also be examined;
(d) the past or intended results of the CSO; and This section shall
provide details of the past results or intended results of the CSO
activity. It shall state the:
(i) beneficiaries and benefits from providing the CSO; and
(ii) activity or program of the Public Trading Enterprise that
would be affected in the performance of the
CSO; and
(iii) effect on the Public Trading Enterprise of providing the
CSO.
(e) the total cost of the delivery of the CSO; and
(f) details of any revenue associated with the CSO; and This
section shall provide the details of the revenue sources
associated with providing the CSO, for instance,
Government funding or other funding.
(g) The performance measures for delivering the CSO.
2.1.3 Every application in sub-clause 2.1.1 containing any estimated funding
by Government shall be subject to the performance budgetary
process and submitted to Ministry of Finance at a time necessary
for the application to be considered in the Estimates but not later
than 3 months before the end of the Government financial year.
Schedule 2
Public Enterprises (Performance and Accountability) Act
2009
Page 24 Act No 1 of 2010
2.1.4 Every application in sub-clause 2.1.1 shall be forwarded to the
Responsible Minister and, where applicable, to the Public Trading
Enterprise likely to perform the CSO for an assessment report to
be provided no later than one month after receiving the application
and including their costing of the delivery of the CSO and, at the
same time, the Finance secretary for an independent review.
2.1.5 Ministry of Finance shall provide a report and advise on the
independent review of the application in sub-clause 2.1.1 to the
Responsible Minister no later than one month after receiving the
application.
2.1.6 The Responsible Minister shall forward:
a) the application for the CSO; and
b) the CSO assessment report (if applicable) from the Public
Trading Enterprise likely to perform the CSO; and
c) Ministry of Finance’s report and advice on its independent
review of the application in sub clause 2.1.1; and
d) Ministry of Finance’s advice on the availability of Government
funding (if applicable);
to Cabinet for review and approval.
2.1.7 Cabinet may or may not approve the application for the direction
of a CSO.
2.1.8 In the process of approving the application, Cabinet may select the
most appropriate enterprise, organization or business to perform
the CSO through a competitive tendering process complying with
the normal tendering procedures of Government.
2.1.9 If Cabinet approves the application, the Responsible Minister shall
issue the direction for the provision of the CSO by the Public
Trading Enterprise in accordance with the requirements stated in
this Schedule.
2.2 Procedures for the issuing of a direction for Community Service
Obligations applied for by the Responsible Minister:
2.2.1 In the case where a Responsible Minister requires the performance of a
CSO by a Public Trading Enterprise, the Minister must:
a) make an application in accordance with all the requirements in
sub-clause 2.1.2; and
b) forward the application to Ministry of Finance for an
independent review; and
Public Enterprises (Performance and Accountability) Act
2009 Schedule 2
Act No 1 of 2010 Page 25
c) comply with the performance budgetary process, if such
application contains any estimated funding, and submit the
application to Ministry of Finance within the time limit set for
the application to be considered in the Estimates but not later
than 3 months before the end of the Government financial year;
and
d) where applicable, forward the application to the Public Trading
Enterprise likely to perform the CSO for an assessment report to
be provided no later than 1 month after receiving the application;
and
e) forward the application for the CSO, together with the advice
provided by Ministry of Finance in sub-clause 2.2.1 (b) above
and a CSO assessment report from the Public Trading Enterprise
likely to perform the CSO, if applicable, to Cabinet for review
and approval.
2.2.2 Cabinet may or may not approve the application for the direction of a
CSO.
2.2.3 In the process of approving the application, Cabinet may select the
most appropriate enterprise, organization or business to perform
the CSO through a competitive tendering process, complying with
normal tendering procedures of Government.
2.2.4 If Cabinet approves the application, the Responsible Minister shall
issue the direction for the provision of the CSO by the Public
Trading Enterprise in accordance with the requirements stated in
this Schedule.
2.3 Requirements to be included in the issuing of a CSO by the Responsible
Minister
2.3.1 Any direction to be issued under this Schedule by the Responsible
Minister for the provision of a CSO must state:
(a) the scope of the CSO; and This section shall provide a
description of the function performed, service provided or
concession allowed.
(b) the legislative authority under which the CSO is being provided;
and This section shall refer to the legislative authority in section
10 of the Public Enterprises (Performance and Accountability)
Act 2001 given to a Public Trading Enterprise to perform the
CSO
(c) the date or time within which the CSO is to be performed; and
(d) the performance measures for delivering the CSO; and
(e) the standards to be achieved in delivering the CSO; and
Schedule 3
Public Enterprises (Performance and Accountability) Act
2009
Page 26 Act No 1 of 2010
(f) that the annual cost of the provision of every CSO shall be
published in the Public Trading Enterprise’s audited accounts;
and
(g) that upon signing the Agreement for the provision of the CSO,
the signed Agreement shall be tabled in Parliament within 14
days if the Legislative Assembly is then in session, and if not,
within 7 days of the next ensuing session.
2.4 Transitional arrangements for Public Trading Enterprises which are currently
performing non-commercial services to turn them into CSOs
2.4.1 The Public Trading Enterprises providing existing non-commercial
services shall apply to the Responsible Minister to have the future
delivery of these services embodied within the CSO framework.
A deadline of 12 months from the date of this Schedule coming
into force shall be set for the Public Trading Enterprises to either
include these services within the CSO framework or have these
services delivered under an alternative arrangement.
Schedule 3
(section 15)
CRITERIA FOR THE SELECTION AND PROCEDURES FOR THE
APPOINTMENT, RE-APPOINTMENT, VACATING AND REMOVAL OF
DIRECTORS OF PUBLIC ENTERPRISES
Part A Public Trading Enterprises
3.1 Criteria for the selection and re-appointment of Directors of Public
Trading Enterprises:
3.1.1 Directors of Public Trading Enterprises shall be selected and re-
appointed in accordance with the following criteria:
Public Enterprises (Performance and Accountability) Act
2009 Schedule 3
Act No 1 of 2010 Page 27
(a) A person whom in the opinion of the Committee appointed in
clause 3.2.1 below can assist in achieving the Public Trading
Enterprise’s objectives; and
(b) A person who is disqualified under the following shall not be
appointed as a director;
i. under 21 years of age; or
ii. an undischarged bankrupt; or
iii. adjudged to be mentally defective under the Mental Health
Ordinance 1961; or
iv. disqualified from being a Director under sections 202, 203
or 204 of the Companies Act 1991; or
v. is convicted in Tuvalu or elsewhere of an offence
punishable by death or by imprisonment for a term of 2
years or more; and
(c) A person who has attended a Directors’ training course before
appointment and for re-appointments a refresher training; and
(d) No director shall be appointed or re-appointed as a director
where that person was a director or manager of a company at the
time the company has been placed in receivership or liquidation,
whether such receivership or liquidation occurred in Tuvalu or
elsewhere; and
(e) No person shall be appointed or re appointed as a director if that
person has or had a history of failing to repay on time any money
legally owed by the person to any Public Trading Enterprise; and
(f) No person shall be appointed or re appointed as a director if such
person is an employee, director or shareholder in another
enterprise or institution whose business is similar to or
potentially in conflict with that of the Public Trading Enterprise;
and
(g) No Member of Parliament, Public Servant or a Constitutional
Officer shall be a director or be re-appointed as a director unless
Cabinet has certified that such appointment or re-appointment, as
the case may be, is necessary; and
i. in the national interest; and
ii. that the Member of Parliament, Public Servant or
Constitutional Officer, as the case may be, has particular
qualifications or business experience which the Public
Trading Enterprise requires on its Board of Directors and
such qualifications or business experience cannot be found
elsewhere. Where a Member of Parliament, Public Servant
or Constitutional Officer is appointed or reappointed under
Schedule 3
Public Enterprises (Performance and Accountability) Act
2009
Page 28 Act No 1 of 2010
this sub-clause the person shall not receive remuneration
or other benefits from the Public Trading Enterprise for
services as a director; and
(h) Any other additional criteria drafted by the Committee
established under sub-clause 3.2.1 in consultation with
Ministry of Finance and the existing Board of the Public
Trading Enterprise concerned and in accordance with
international best practice, which is necessary for
scrutinizing a particular appointment or re-appointment of
a director of a Public Trading Enterprise.
3.2 Procedures for the selection of Directors of Public Trading Enterprises
3.2.1 An Independent Selection Committee (“the Committee”) of at
least 3 members, shall be appointed by Cabinet for a term
determined by Cabinet to select persons to fill vacancies on a
board. The Committee shall carry out responsibilities required by
Cabinet in its terms of reference additional to the Committee’s
responsibilities listed below in these procedures.
3.2.2 The Committee in consultation with MoFEP and the existing
board of the public trading body concerned, shall draft any
additional criteria to the standard criteria in clause 3.1 if necessary
for any particular appointment.
3.2.3 The Committee shall advertise all public trading bodies boards’
vacancies and required criteria as widely as possible both locally
and overseas if required and can use television, radio, internet and
newspaper, inviting applications from interested persons.
3.3.4 Those wishing to be considered for appointment to the Board must
provide a statutory declaration addressing the selection criteria and
provide at least 2 references. This statutory declaration and
application are to be forwarded to the Committee.
3.2.5 The Committee shall receive and review applications for the
purpose of short-listing the best candidates for the appointment.
3.2.6 The Committee shall advise Cabinet of the applicants short-listed
and the reasons for their decision.
3.2.7 Cabinet shall approve the appointment of candidates
recommended by the Committee.
Public Enterprises (Performance and Accountability) Act
2009 Schedule 3
Act No 1 of 2010 Page 29
3.3 Terms and conditions under which a Director’s position becomes vacant or a
Director may be removed from office
3.3.1 The position of a Director of a Public Trading Enterprise becomes
vacant and a Director may be removed from office if the director:
(a) fails to attend 3 consecutive Board meetings of a Public Trading
Enterprise without an apology being received and accepted by
the Chairman of the Board, and in the case of the Chairman an
apology being received and accepted by the Board of Directors;
or
(b) attains the age of 70 years and is not recommended by the
Committee for reappointment;
(c) becomes bankrupt; or
(d) is convicted in Tuvalu or elsewhere of an offence punishable by
death or by imprisonment for a term of 2 years or upwards; or
(e) is convicted of an offence relating to his or her duties as a
director; or
(f) fails to comply with Schedule 4 of the Act.
3.3.2 Cabinet may remove a Director, or all Directors, from a Public Trading
Enterprise if the Public Trading Enterprise fails to file its annual
reports, quarterly reports or other documents or information
relating to a Public Trading Enterprise as required under the Act or
the Schedules to the Act.
3.4 The application of the above procedures for appointment and
reappointment of Board members shall apply:
3.4.1 when each Board member of a Public Trading Enterprise’s current term
of appointment ends: and
3.4.2 when a Board member of a Public Trading Enterprise dies, resigns or is
removed from office: and
3.4.3 when an ex-officio Board member’s position on a Board becomes
vacant as decided by Cabinet on the advice of Ministry of Finance.
The replacement of all ex-officio Board members shall be made
within 5 years from the coming into force of this Schedule.
Part B Public Beneficial Enterprises
The above procedures relating to the selection, re-appointment, vacating and
removal of a Director’s position in a Public Trading Enterprise shall also
apply to Public Beneficial Enterprises.
Schedule 4
Public Enterprises (Performance and Accountability) Act
2009
Page 30 Act No 1 of 2010
Schedule 4
(section (20)
DECLARATION OF PECUNIARY INTERESTS AND CONVICTIONS
The form and content of the Declaration of Pecuniary Interests and
Convictions under this Schedule shall be as follows:
I, (Name of Director) of (Address) being a Director of (name of public
enterprise) do solemnly and sincerely declare that:
1. I consent to my appointment as a Director of (name of public enterprise)
2. My personal details are as follows:
2.1 Full name: …………………………………………..
2.2 Residential Address: …………………………………………..
2.3 Business Address: …………………………………………..
2.4 Date of Birth …………………………………………..
2.5 Place of Birth including country
…………………………………………..
2.6 Business occupation (if any) …………………………………………..
3. My directorships and other interests are as follows:
3.1 Particulars of any directorships or other offices which I hold in other
companies or Public Enterprises are set out in Part 1 of this Declaration.
3.2 Particulars of any membership of partnerships and interests in trusts,
joint ventures or other arrangements for the sharing of profits, are set
out in Part 2 of this Declaration.
3.3 Except as set out in Part 2 to this Declaration, I:
3.3.1 do not have a beneficial interest in any shares; and
3.3.2 do not have a beneficial interest in any securities (howsoever
described).
Public Enterprises (Performance and Accountability) Act
2009 Schedule 4
Act No 1 of 2010 Page 31
4. Except as set out in Part 3 of this Declaration, I am not directly or indirectly
interested in any contract or proposed contract with a Public Enterprise or any
of its subsidiaries.
5. Except as set out in Part 4 of this Declaration, I do not have a beneficial
interest in any property or office.
6. Except as set out in Part 5 of this Declaration, I have no conviction in Tuvalu
or elsewhere for any offence.
7. Other than the matters detailed in this Declaration, I have no direct or indirect
interest which conflicts or which could conflict with my duty as a director of a
Public Enterprise.
8. I request that this Declaration be brought up and read at the next meeting of
Directors of (name of public enterprise)
9. I declare that if any of the matters referred to in this Declaration change I will
execute a further declaration immediately and file it with the Secretary for
Justice.
PART 1 OTHER DIRECTORSHIPS OR OFFICES HELD
[Details]
PART 2 RELEVANT INTERESTS IN PARTNERSHIPS, TRUSTS, JOINT
VENTURES, OTHER ARRANGEMENTS FOR SHARING PROFITS,
SHARES AND SECURITIES
[Details]
PART 3 INTERESTS IN CONTRACTS WITH ANY PUBLIC ENTERPRISE OR
THEIR SUBSIDIARIES
[Details]
PART 4 OTHER PROPERTY AND OFFICES HELD
[Details]
PART 5 CONVICTIONS
[Details]
Schedule 4
Public Enterprises (Performance and Accountability) Act
2009
Page 32 Act No 1 of 2010
Declared at ………………………this ……………………………………day
of
…………………………………….200……………before me
(Signature)
(Solicitor of the Supreme Court of Tuvalu)
(or other person authorised to take a statutory declaration)
Public Enterprises (Performance and Accountability) Act
2009 Schedule 5
Act No 1 of 2010 Page 33
Schedule 5
(section 22(3))
Part A – Public Trading Enterprises
5.1 Every Board of Director of each Public Trading Enterprise shall prepare a
Corporate Plan every year:
(a) to cover the next year and the following two years; and
(b) which includes a Statement of Corporate Objectives; and
(c) which shall be subject to clause 5.4.5.
5.2 The Board of Directors of each Public Trading Enterprise shall forward a draft
of its Corporate Plan under clause 5.1 above to each Shareholding Minister,
the Government Auditor and the Financial Secretary 3 months before each
financial year.
5.3 The Board of Directors of each Public Trading Enterprise shall prepare a
Corporate Plan, including a Statement of Corporate Objectives, in accordance
with the guidelines on format and content issued by Ministry of Finance by
way of Instructions from time to time.
5.4 Approval of the draft Corporate Plan
5.4.1 When the Financial Secretary receives a Public Trading Enterprise’s
draft Corporate Plan in clause 5.2 above, the Financial Secretary
shall review and advise the Shareholding Ministers on the draft
Corporate Plan. The Shareholding Ministers and the Board of the
concerned Public Trading Enterprise, after considering the
Financial Secretary’s review and advice, shall, at their earliest,
attempt to reach an Agreement on the Corporate Plan.
5.4.2 If an Agreement cannot be reached between the Shareholding Ministers
and the Board of Directors under sub-clause 5.4.1, the
Shareholding Ministers shall advise Cabinet on matters relating to
the draft Corporate Plan that could not be resolved between them
and the concerned Public Trading Enterprise.
5.4.3 Cabinet may, by written notice, direct the concerned Board of the
Public Trading Enterprise to make modifications to the draft
Corporate Plan.
Schedule 5
Public Enterprises (Performance and Accountability) Act
2009
Page 34 Act No 1 of 2010
5.4.4 The Board of a Public Trading Enterprise shall immediately comply
with a direction issued by Cabinet under sub-clause 5.4.3.
5.4.5 Every Public Trading Enterprise’s Corporate Plan under clause 5.1
shall only be effective:
(a) if there has been an Agreement between the Shareholding
Ministers and the concerned Public Trading Board on the draft
Corporate Plan under sub-clause 5.4.1; or
(b) in the case where Cabinet has issued any direction under sub-
clause 5.4.3, the Public Trading Enterprise has complied with
Cabinet’s direction.
5.4.6 Every Public Trading Enterprise shall comply with its Corporate Plan
once it is effective under subclause 5.4.5.
5.4.7 The Board of Directors of each Public Trading Enterprise shall ensure
that its Corporate Plan is approved at least 14 days before the
commencement of the financial year for which the Plan relates.
5.5 Statement of Corporate Objectives (SCO)
The Chairperson of the Board of a Public Trading Enterprise shall advise the
Shareholding Ministers by notice in writing upon becoming aware of any
information which may materially affect the achievement of the Public
Trading Enterprise’s Statement of Corporate Objectives.
PART B – Public Beneficial Enterprises
The above provisions shall apply to Public Beneficial Enterprises.
Public Enterprises (Performance and Accountability) Act
2009 Schedule 6
Act No 1 of 2010 Page 35
Schedule 6
(section 23 (2)
FINANCIAL REPORTS, ACCOUNTS and INFORMATION
For the purpose of this Schedule and, in accordance with the Act, Public
Enterprise means every Public Trading Enterprise in Part A of Schedule 1 and
every Public Beneficial Enterprise in Part B of Schedule 1.
6. Every Public Enterprise shall submit:
6.1 Quarterly reports to Ministry of Finance no later than 1 month after the
end of every quarter.
6.1.1 Quarterly reports shall include:
a) accounts prepared for the quarter for management
purposes; and
b) a statement in respect of each member of the Board as to
all appointments, offices held or other matters which do or
might give rise to a conflict of interest between any
member of the board and the Public Enterprise and other
interests arising from such appointments, offices and other
matters; and
c) comparison between actuals and performance targets set
out in the SCO and forecast or budget performance.
6.2 An annual report and audited accounts to Ministry of Finance no later
than 4 months after the end of the Public Enterprise’s financial year.
6.2.1 Annual reports shall include:
a) audited financial statements prepared in accordance with
IFRS standards; and
b) an auditor’s report on the financial statements in sub
clause 6.2.1 (a); and
c) a statement in respect of each member of the Board of a
Public Enterprise as to all appointments, offices held or
other matters which do or might give rise to a conflict of
interest between the member and the Public Enterprise and
Schedule 6
Public Enterprises (Performance and Accountability) Act
2009
Page 36 Act No 1 of 2010
other interests arising from such appointments, offices and
other matters; and
d) the dividend payable by the Public Enterprise to the State
for the financial year to which the report relates.
6.3 Ministry of Finance may require a Public Enterprise to submit to Ministry of
Finance additional information necessary to assist Ministry of Finance with its
reporting responsibilities.
6.4 Every Public Enterprise shall submit to Ministry of Finance any information
required by Ministry of Finance under clause 6.3.
6.5 Every Public Enterprise shall keep Ministry of Finance informed of any
matters that may adversely affect the achievement of its objectives in the
Corporate Plan or SCO.
Public Enterprises (Performance and Accountability) Act
2009 Schedule 7
Act No 1 of 2010 Page 37
6.6 All Public Enterprises shall prepare their accounts using accounting policy
guidelines issued by Ministry of Finance from time to time.
6.7 Audited Accounts to be laid before Parliament
6.7.1 Within 12 sitting days of receiving the annual report and audited
financial statement of the Public Enterprise, the Responsible
Minister for the Public Enterprise shall lay the documents before
Parliament:
6.7.2 Where the annual report and the audited accounts required by subclause
6.7.1 to be laid before Parliament have not been so laid within 5
weeks of the Responsible Minister receiving them, the Minister
shall cause for these to be published not later than 5 weeks after
that day.
Ministry of Finance shall develop a format to be used by Public Enterprises
for quarterly and annual accounts.
Schedule 7
Delegation of Powers
