STC new Board of Directors discusses idea of reducing cost of living in first meeting with parent Ministry.
November 21, 2017
Monday 20th November 2017, VICTORIA, SEYCHELLES: The new Board of Directors of the Seychelles Trading Company (STC) met theMinister for Finance, Trade and Economic Planning, Dr. Peter Larose, and other senior officers from the Ministry, on Friday 17th November 2017 at 10.00a.m at Liberty House.
Mr. Guy Morel the Chairman of the STC Board of Directors, the Deputy CEO of STC, Ms. Christine Joubert, and other members of the Board, Mr. Oliver Bastienne, Mr. Gerard Adam and Mrs. Farida Camille met with the Ministry’s officials for the first time to discuss a number of issues pertaining to the functioning of STC. Also present was the Chief Executive Officer of the Public Enterprise Commission (PEMC), Mr. George Tirant. The MFTEp was also represented by the Principal Secretary for Trade, Ms. Cilia Mangroo, Ms. Sitna cesar, the Special Advisor and Mr. Marcus Elizabeth, from the Policy Division.
The main focus of discussion was the much-discussed issue of reducing the cost of living. .Among other issues discussed were: 1) STC’s operation in general, 2) involvement of STC in bulk buying with Mauritius, 3) bonded warehouse, 4) commodity prices on Mahe, Praslin & La Digue, 5) Auditor’s Report, 6) position of the CEO, 7) STC’s strategic plan, 8) Compliance reporting to PEMC, and 9) Operational Audit.
The meeting was at the request of the Board of Directors of STC, as part of the imperative to align on key policy direction for the company in the foreseeable future and to request assistance with the drafting of a strategic plan.
Dr. Peter Larose congratulated the new Board on their recent appointment and spoke of the need for STC to reposition itself in line with their mandate.
Mr. Morel pointed out that the STC has three (3) key pillars as its core mission; 1) food security, 2) price affordability, and 3) STC as a route to market for local producers. He said that STC still has to engage with its partners on the three core objectives.
On the operational review of STC, Mr. Morel pointed out that there are many opportunities; reduce wastage, the repackaging of goods and the need to put people at the forefront.
Minister Larose on his part pointed out that the Ministry of Finance, Trade and Economic Planning would like to have updated information on STC as the parent Ministry.
There was also discussion on the possibility and need to improve the net margin and reduce the cost of living for the population. This was also pointed out in the budget Speech for 2018 delivered by Minister Larose; “We will continue to explore ways and means for the company to continue to guarantee food security at very competitive prices to consumers. In the whole process, consumers should experience a reduction in the cost of commodities”.
On the issue of bulk-buying, members of the Board pointed out that STC has an agreement with Mauritius since 2014 and discussions have already started with stakeholders to revisit this agreement. According to them, everything is ready on STC’s side, but waiting for the green light from Mauritius to finalize the agreement.
Meeting participants also discussed on an operational audit and agreed that one should be done periodically and that it should be a joint exercise.
Minister Larose also called on the STC Management and Board of Directors to submit their financial reports monthly and quarterly. On his part, the CEO of PEMC, Mr. George Tirant affirms that reports submitted will be analyzed and suggestions submitted to the Ministry of Finance, Trade and Economic Planning accordingly.
To note recently, STC has been the subject of discussion in the National Assembly and the Ministry of Finance, Trade and Economic Planning is committed to working alongside its entities to ensure good governance, transparency and accountability.