SOEs move towards compliance
Public enterprises minister Leon Jooste says parastatals are responding positively to his appeal for them to publish their financial results.
Parastatals are now catching up with their backlog in terms of publishing their financial results, he says.
Jooste last year urged state-owned enterprises to table their results for scrutiny.
“Various state-owned enterprises (SOEs) have responded positively and they are catching up with the backlog. When the new Act [Public Enterprises Governance Bill] comes into effect, we will enter into new performance agreements with boards and CEOs where compliance items will be specified and failure to achieve targets may then lead to dismissal.”
As at December 2017, 27% of Namibia's SOEs had complied with the requirement for audited financial results, 20% had a governance agreement, 25% had performance agreements and 48% had business plans.
Jooste revealed last February that the government had paid commercial SOEs subsidies of N$868 million and given loan guarantees of N$4.9 billion.
Financial SOEs had received subsidies of N$60 million and guarantees of N$3.6 billion, whereas non-commercial SOEs had received N$2.5 billion in subsidies and government guarantees of N$322.5 million.
Namibia currently has over 300 public enterprises, of which 71 are listed as public enterprises. Of these 71 entities, 38 have the potential to be classified as non-commercial, 22 as commercial and 11 as financial institutions.
OGONE TLHAGE
Parastatals are now catching up with their backlog in terms of publishing their financial results, he says.
Jooste last year urged state-owned enterprises to table their results for scrutiny.
“Various state-owned enterprises (SOEs) have responded positively and they are catching up with the backlog. When the new Act [Public Enterprises Governance Bill] comes into effect, we will enter into new performance agreements with boards and CEOs where compliance items will be specified and failure to achieve targets may then lead to dismissal.”
As at December 2017, 27% of Namibia's SOEs had complied with the requirement for audited financial results, 20% had a governance agreement, 25% had performance agreements and 48% had business plans.
Jooste revealed last February that the government had paid commercial SOEs subsidies of N$868 million and given loan guarantees of N$4.9 billion.
Financial SOEs had received subsidies of N$60 million and guarantees of N$3.6 billion, whereas non-commercial SOEs had received N$2.5 billion in subsidies and government guarantees of N$322.5 million.
Namibia currently has over 300 public enterprises, of which 71 are listed as public enterprises. Of these 71 entities, 38 have the potential to be classified as non-commercial, 22 as commercial and 11 as financial institutions.
OGONE TLHAGE
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