States Owned Companies - Accountability
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UNDER STRICT EMBARGO UNTIL 0001 ON TUESDAY 25 NOVEMBER 2008 The Comptroller & Auditor General, Chris Swinson, OBE, has today published two reports: States Owned Companies - Accountability In the first Report he considers the accountability of companies in which the States holds a significant interest (Jersey Electricity, Jersey Water, Jersey Post and Jersey Telecom) in relation to the Waterfront Enterprise Board (WEB), which forms the substance of the second Report. The findings of this final report on WEB - the first of which was published at the end of June - relate to corporate governance and accountability. He finds that WEB is now in compliance with normal corporate governance practice but that WEB should be accountable to only one ‘Sponsoring Minister’, who would be accountable to the States for oversight of WEB’s activities. He says that it is important that WEB has a clear and unconflicted principal line of accountability and, as such, should be accountable to this single Minister, who would also act a representative of the States as shareholder in general meetings of WEB. The role of the Sponsoring Minister would also be to maximise the long term value of the States’ interest in WEB and to ensure that WEB operates in accordance with the agreed policies of the States. He further proposes that the States establish an Investment Advisory Board to advise sponsoring ministers on the way in which the long term value of the States’ interests should be fostered. ENDS |
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