This division is responsible for:
- Overseeing the day to day running of the Commission.
- Undertaking secretarial duties.
- The upkeep and maintenance of a library for the Commission.
- Maintaining both soft and hard copies of relevant documents and continuously update the database. Submitting to the National Assembly a copy of the Audited Accounts of the PEs.
- Requesting any CEO or Chairperson of any PE to appear before the Commission to clarify any issues regarding the governance, finance or any other aspects covered within the Act.
This division ensures that:
- Adequate human resources and financial support is given to the Commission.
- Proper accounting software is put in place to facilitate financial transactions.
- Proper books of accounts are kept.
- A physical and electronic filing system is created and continuously updated.
- Prepare monthly financial reports for Board meetings.
This Division is responsible for the following:
- For the implementation of the PEMC Act. No.3 of 2013 and to monitor compliance with the governing law.
- Ensuring adherence by Public Enterprises to policies and guidelines formulated by the Commission, Ministry of Finance and the responsible Ministry.
- Arranging investigation or inspection into the affairs of a Public Enterprise and where necessary in the public interest.
- Work in close collaboration with respective government departments to ensure that their current policies and regulatory environment are conducive to the PEs operation for them to better serve the public interest.
- Reviewing and updating existing guidelines.
- Developing appropriate systems and frameworks to promote good governance best practices by introducing and monitoring governance indicators.
- Creating an Institute of Directors in consultation with relevant stakeholders.
- Assisting in board appointment and continuously updating the data base on the board appointment.
- Develop tools to assess governance in public enterprises.
- Carrying out governance audit within all public enterprises and submit reports to the Minister of Finance and the Responsible Minister.
- Making recommendations on matters relating to the functions of the Board of PEs concerning governance and their adherence to approved policies and guidelines.
- Carrying out research regarding best practices worldwide which can improve the work of the Commission and the PEs.
BUSINESS MONITORING & FINANCIAL ANALYSIS DIVISION
The main responsibilities of this division are:
- Ensuring that the PE’s strategic objectives are parallel with the government’s national plan for the respective sectors that they operate within.
- Monitoring the preparation and implementation of the Statement of Corporate Intent.
- Analysing the approved annual budget of the PEs and advising appropriate Board to its adequacy or suitability in compliance with the PEMC Act. No.3 of 2013.
- Assessing the implementation of projects carried out by PEs to ensure compliance with procedures and regulations governing capital expenditure.
- Ensuring adherence by PEs to policies and procedures formulated by their Responsible Ministry or Board to ensure sound and efficient management, including finances of the PEs.
- Submitting quarterly report on the activities of the PE’s to the Minister of Finance.
- Identifying issues relating to operational and financial risks of PE’s that may have material impact on the PE and the economy as a whole.
- Making recommendations to the Government on the efficiency of ongoing Public Enterprises. Ensuring that PEs promptly submits their annual reports, together with a copy of their audited accounts. Ensuring that PEs submits monthly a statement of their financial and operational performance.
- Receiving regular updates from and ongoing interaction with the PEs.
- Researching and implementing new software which will improve the quality of analysis and reporting of the Division.
- Providing relevant advice to the PEs.
- Conducting on site inspections on PE premises.
- Recommending investigations into the affairs of the PEs.
- Follow up on audit recommendations within audit reports.
- Monitoring and identifying factors that inhibits the realization of revenue targets of the PEs.
- Monitoring the PEs compliance to the required reporting standards.