Who are we?

Established in 2012, the purpose of the Public Enterprise Monitoring Commission (PEMC) has been the monitoring of Public Enterprises (PEs) within the Republic of Seychelles, as per our governing Act, the Public Enterprises Act, 2023.

It is PEMC’s duty to ensure that:

  • The synergy and collaboration between all stakeholders continue to prosper
  • Supporting legislations and regulations that govern PEs are acknowledged and enforced
  • The existing regulatory framework is updated and adapted to fit in a dynamic environment
  • Practices and endeavors to promote principles of good governance, transparency and accountability are welcomed

Our Mandate

“To monitor and evaluate the overall performance of the Public Enterprises, ensure efficient operation of such Enterprises, promote ethics of good governance in all business transactions, including financial matters such as investments and budget, give recommendations to improve performance and thus increase the return on investments.”

Our Vision

“To have high performing and compliant Public Enterprises in the Seychelles.”

Our Mission

“To monitor and evaluate the overall performance of Public Enterprises and to promote ethics of good governance in all their business transactions.”

Object of the Commission

  1. The principal object of the Commission is to —
    1. act as the principal agent for the Government as shareholder to monitor all aspects of the affairs of the public enterprises so as to ensure that the shareholder's wealth is being protected and maximised through the conduct of business by public enterprises;
    2. agree on performance targets and to monitor and evaluate the overall performance of the public enterprises;
    3. promote the efficient operation of public enterprises, taking into consideration the fiscal and benefit monitoring aspects;
    4. promote ethics of good governance in all business affairs of the public enterprises, including financial matters such as, investment and budget;
    5. report on the risk management strategies and governance of the public enterprises;
    6. give recommendations to improve the performance and affairs of the public enterprises and thus increase the shareholder's wealth.

Function of PEMC

  1. The functions of the Commission are to —
    1. implement the provisions of this Act;
    2. monitor compliance with governing laws by the public enterprises;
    3. promote generally accepted common principles for good corporate governance and leading practices on governing the public enterprises;
    4. monitor compliance with the code of corporate governance by the public enterprises;
    5. undertake due diligence analysis on major decisions of the public enterprises upon request by the Board or the responsible Minister prior to implementation;
    6. contribute to the due diligence of nominated persons for appointment as Directors to the Boards and Chief Executive Officers of the public enterprises and advise the appointing authority on such persons;
    7. advise the responsible Minister on the performance of members of the Boards and the Chief Executive Officers of the public enterprises;
    8. monitor and recommend to the responsible Minister the removal of any Board member of a public enterprise from office or for non-compliance with this Act;
    9. evaluate and assess criteria for the performance measurement of the public enterprises and monitor and evaluate the performance of the public enterprises against such agreed targets;
    10. undertake investigation or inspection into the affairs of a public enterprise;
    11. provide guidance in relation to performance agreements to be entered into between a responsible Minister and the individual members of a Board of a public enterprise, and between such Board and its Chief Executive Officer, and between its Chief Executive Officer and senior management staff of the public enterprise;
    12. analyse the proposed annual budget of a public enterprise and advise the Minister, the responsible Minister, and the appropriate Board as to its adequacy or suitability in compliance with the governing law;
    13. monitor the implementation of actions laid out in the annual plans of the public enterprises and identify and report on factors inhibiting the realisation of the set targets;
    14. assess the investment proposals of the public enterprises to ensure long-term viability;
    15. identify issues relating to the operational and fiscal risks of the public enterprises that may have material impact on the public enterprises and the economy of the Republic;
    16. assist appropriate authorities in the evaluation of policies and strategies so as to ensure sound and efficient management of the public enterprises;
    17. facilitate the provision of programmes for the training and development of members of the Boards and management staff of the public enterprises on corporate governance and leading management practices; and
    18. monitor and report on risks management strategies and governance of the public enterprises.

Powers of the Commission

  1. For the performance of its functions under this Act, the Commission shall have the power to —
    1. compel any member of a Board, a Chief Executive Officer or any other officer of a public enterprise to appear before the Commission to clarify any issues regarding the finance, operations, governance or any other matter under this Act;
    2. request any information on the affairs and operation of a public enterprise on matters provided for under this Act;
    3. compel the production of books, records, papers, minutes of meetings, documents and records of a public enterprise as the Commission may consider necessary or appropriate for any proceedings or investigation;
    4. make copies of books, records, papers, minutes of meetings and documents of a public enterprise as it may consider necessary or proper for any proceedings or investigation;
    5. carry out on-site and off-site inspections or investigations as deemed necessary for the purpose of carrying out its functions;
    6. monitor any matter relating to a public enterprise to the extent that it affects the functions of the Commission;
    7. participate in strategic discussions relating to a public enterprise as an observer to the extent that it affects the functions of the Commission;
    8. formulate a framework for a sustainable and stable public enterprise performance strategy;
    9. make recommendations to the Government or make suggestions to the public enterprises on any matter to secure and enhance the shareholder's interest and wealth;
    10. make rules and decisions in respect of the effective management of the affairs of the Commission and deliver its mandate;
    11. enter into such contracts as are deemed necessary for the discharge and performance of its functions and duties;
    12. issue circulars or mandatory guidelines to the public enterprises;
    13. enter into agreements for co-operation with educational and other institutions, whether in Seychelles or abroad, for the exchange of information, personnel, advisory services and the training of personnel;
    14. undertake all such activities as, in the opinion of the Commission, are necessary to facilitate the discharge and performance of its functions and duties under this

Our History