Public Enterprises Bill, 2023, is approved by the National Assembly
May 25, 2023
The National Assembly has approved the Public Enterprises Bill, 2023, which was presented before The House on Wednesday 24th May, by the Minister for Finance, National Planning and Trade, Naadir Hassan.
The object of this Bill is to provide for the continuation of the Public Enterprise Monitoring Commission; to establish its governing body and to provide for its composition, functions, powers, management and governance.
The Bill makes provision for the efficient governance of public enterprises and the monitoring of their performances and provides a harmonised and coherent framework for their establishment, governance, and operation. It also seeks to clarify the accountability and the relationships between board members and those charged with governance and management of the public enterprises, responsible Ministers, the Minister responsible for finance and the Commission.
Finally, the Bill seeks to repeal and replace the Public Enterprise Monitoring Commission Act (Act No 3 of 2013), and to provide for other connected matters.
In his presentation, Minister Hassan gave an overview of the public enterprises landscape in Seychelles, saying there are 31 such entities, which include ‘subsidiaries’ operating in 14 different economic and social sectors.
He noted that at the end of 2021, these public enterprises had assets worth SCR 35.6 billion, which represent 150% of Gross Domestic Product (GDP).
In terms of dividend, at end of 2021, a total sum of SCR 687 million, which is equivalent of 84% of all non-tax revenue collected by the government.
To read the full presentation, click on the link below.