NEWS

Attonery-General: Bill Ensures Public Enterprises Remain Relevant

"This is done in order to access policy-based financing so we are carrying out a number of reforms in that respect and modernising the laws."
02 Apr 2019 10:00
Attonery-General: Bill Ensures Public Enterprises Remain Relevant
Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum with Opposition Member of Parliament Aseri Radrodro outside Parliament on April 1, 2019. Photo: Ronald Kumar

The Public Enterprises Bill 2019 seeks to repeal the Public Enterprises Act 1996 to ensure legislative frameworks which regulate and govern public enterprises remain relevant.

The remarks were made by Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum as he moved the motion for the Bill to be considered by Parliament.

“The Bill focuses on improving corporate governance, ownership monitoring, reporting and accountability and monitoring of non-commercial obligations in order to improve the operational and financial performance of public enterprises,” Mr Sayed-Khaiyum said.

“The Fijian Government has given an undertaking to the Asian Development Bank to carry out various structural reforms and policy changes.

“This is done in order to access policy-based financing so we are carrying out a number of reforms in that respect and modernising the laws.”

He said after assessing the current act against international best practices and taking into consideration the changing dynamics of the current public enterprise portfolio and the business environment, it was imperative that legislations governing public enterprises is urgently updated and aligned to international best practices.

The motion was agreed to in Parliament yesterday.

Edited By Percy Kean

Feedback: neelam.prasad@fijisun.com.fj



Five Square diwali dhamaka 2021


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.


Tower Insurance
FNPF
Covid 19 - SPC
Fiji Sun Instagram
Subscribe-to-Newspaper