a) Be responsible for the implementation of this Act and to monitor compliance with the governing law;
b) Analyze the approved annual budget of a Public Enterprise and advise the appropriate Board as to its adequacy or suitability in compliance with the governing law;
(c) Monitor the implementation of all the actions laid out in the annual plan of Public Enterprises;
(d) Assess the implementation of projects carried out by Public Enterprises to ensure compliance with procedures and regulations of capital expenditure;
(e) Monitor and identify factors inhibiting the realization of set revenue targets of any Public Enterprise;
(f) Ensure adherence by Public Enterprises to policies and procedures formulated by their Responsible Ministry or Board to ensure sound and efficient management, including finances of Public Enterprises;
(g) Arrange investigation or inspection into the affairs of a Public Enterprise where necessary in the public interest;
(h) Submit a report of all its activities on a quarterly basis to the Minister of Finance;
(i) Advise the Minister of Finance of any weaknesses or shortcomings in relation to the functioning of Boards of Public Enterprises
(j) Identify issues relating to operational and financial risks of Public Enterprise that may have material impact on the Public Enterprise and the economy as a whole
“To have high performing and compliant Public Enterprises in the Seychelles.”
“To monitor and evaluate the overall performance of Public Enterprises and to promote ethics of good governance in all their business transactions.”
“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.”
The Public Enterprise Monitoring Commission (PEMC) has been assigned with the very important task of providing shareholder oversight to a range of Public Enterprises (PEs).
This mandate is principally guided by the Public Enterprise Monitoring Commission Act No. 3 of 2013, approved by the National Assembly in March, 2013.
The Act establishes the PEMC as a catalyst to ensure that PEs ‘’are properly controlled and managed for the purpose of better performance, transparency and accountability, to improve efficiency and competitiveness of the economy, to foster and accelerate the macro-economic stability of the country and to provide for matters connected therewith”.
In Seychelles, there are currently twenty two state owned Public Enterprises (PEs) which have been established using public financial resources.
These government owned organisations are responsible for the delivery of both commercial and social objectives. They moreover offer a range of essential services ranging from electricity, water, roads, seaports, fuel supply, transport and aviation.
In 2008 the IMF and the World Bank completed a review of the public entities and determined that there were risks to government due to the lack of accountability, monitoring and control of the this sector. There was thus general agreement amongst key stakeholders that measures should be adopted to ensure that this sector conforms to specific standards, such as those of efficiency, accountability, responsibility, transparency and, above all, service to the public.
PEMC officially opened its doors to the public in 2009 as PEMD (Public Enterprise Monitoring Division. PEMD was established with the critical role of making recommendations regarding the re-structuring, re-organising, and monitoring of all public entities so as to improve efficiency in the provision of essential services and ensure Government receives maximum returns on its investments.
The Division was initially operating as a unit within its current Parent Ministry, the Ministry of Finance, Trade, Investment and Economic Planning.
In 2012, a decision was taken for the Division to transform into an independent body and it was transformed into a Commission. In accordance with the Public Enterprise Monitoring Commission Act 2013, PEMC continues to further strengthen the work of the then existed Division, but within a more autonomous structure.
The PEMC continuously pursues improved synergy between all stakeholders, appreciates other supporting laws and regulations that govern Public Enterprises in the Republic of Seychelles and is inspired to collectively improve on the existing regulatory framework to make it more feasible to the current environment. PEMC also welcomes good practices and endeavors to promote principles of Good Governance, Transparency and Accountability.