A comprehensive training session on the Companies Act and the Public Enterprises Act was held this Thursday at the Ministry of Revenue’s Conference room hosted by the Ministry of Public Enterprises. There were 30 participants comprising of company secretaries, legal advisors, CEO’s of the various Public Enterprises present. A public enterprise is a government owned business.
“Knowing and complying with these two key legislations is very important” emphasized Mr. Siaosi Sovaleni, CEO of the Ministry in his opening remarks. He touched on the importance of relaying sound and correct advice to the Board of Directors and Management teams of each enterprise on their roles as outlined in both these important legislations, especially on reporting requirements, duties of board members and other equally important things like the Government Policy Obligations and the process in which to accurately obtain this from government.
“The need to keep us updated with any changes such as changing of directors or even your address is important” stressed the Companies Registrar of the Ministry of Commerce, Tourism and Labor, Distaquaine Tu’ihalamaka. She further reiterated the importance for companies to keep the Registry Unit up to date with any changes that they might have, so as to not incur any costs and possibly be struck off the Registry. She further elaborated on the various provisions of the Companies Act that companies that are public enterprises need to be aware of including annual return as well as the accountability of directors. Discussions also led to the realization of the potential benefits of Intellectual Property and its rights.
The Ministry of Public Enterprises has identified the need to build the capacity of not only the Ministry itself but the Public Enterprises also. This workshop is an initiative of the Ministry and is part of a number of workshops that have been organized to help the various Public Enterprises become more effective and efficient in operating as a successful business. Of the 16 government public enterprises 13 are registered companies.