What are Public Enterprises (PEs)?
State-owned enterprises, Public enterprises and Public Corporations are some terms used to define government owned entities across the world.
A determined definition of all government owned or government controlled entities are those whose assets are held in corporate form and which generate the bulk revenues from the sale of goods and services
(OECD, 2005 and GFS,2001)
Understand the role and purpose of SOEs in the economy; country
As these sectors are crucial contributors to the economic growth and development of Seychelles they as a result:
- Provide essential public goods and services to consumers
- Drivers of competitions in the local and international markets
- Assist the government in maintaining a fairly steady flow of income through investments and returns for instance through the payments of dividends and taxes
- Furnish employment opportunities
- Essentially contributes towards the social goals of the government for the country
How many Public Enterprises are there in the Seychelles?
The PEMC Act 2013 provides that the Act shall apply to every public enterprise and any subsidiary of such organisation.
The Seychelles public enterprises sector is composed of 31 entities including all their subsidiaries.
They are classified under five different sectors of the economy and are distinctively composed of numerous sizes in terms of assets, returns, liabilities, types of public services offered and number of human resources employed.
Amongst the 32 Public Enterprises, 21 are incorporated under the Companies Ordinance 1972, “the Ordinance”, as commercially-oriented limited liability companies while the other entities have been established under their respective decrees and acts as corporations or authorities.
Role of PEMC in the Public Enterprise sector
PEMC is the shareholder representative for government, tasked with an oversight responsibility of all public enterprises.
In line with the mission of PEMC; “To have high performing and compliant Public Enterprises in the Seychelles”, the Commission operates alongside the following values:
- Providing the best professional and ethical advice to the Ministers, Boards and stakeholders.
- Being accountable and acting with integrity in all dealings with public enterprises and other stakeholders.
- Promoting Good Governance and upholding the law.
- Working together as a team through participation and involvement of staff and stakeholders in decision-making.
- Keeping abreast with the latest developments in the different sectors within which the PE’s operate.
Aggregate Statistics on the PE Sector,
Sub-Sectors and Share of Economic Activity
During 2019, some PEs failed to comply with the reporting obligations stipulated in Part V of the PEMC Act. PEs’ selective or non-compliance to the PEMC Act and other governing legislation, such as late or non-submission of Annual Financial Statements (AFS), has affected the availability and quality of the below data (ref. Public Enterprises Annual Report 2019).