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 one state owned commercial 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.