The Ministry’s operations are guided and legitimized by the PE Act 2002 and as amended in 2010. It outlines the Ministry’s responsibilities, authority and shared powers (with Cabinet).
As per the PE Act as amended, the Hon. Minister of Public Enterprises is the representative of the GOT, as stakeholder in its business interests (‘public enterprises’). Currently the Hon Minister oversees a total of twelve public enterprises. These public enterprises are spread out over a variety of sectors including utilities (power and water), transportation (air and sea), communications (telecommunications and broadcasting and postal) and more. Through the Ministry, the Shareholders requires PEs to be:
Ensuring that PEs comply with their principal objective: to operate as a successful business and, to this end, to be as profitable and efficient as comparable businesses that are not state-owned.
The endorsement of Directors' remuneration fees
The appointment and termination of Directors of the Boards of PEs.
Receiving, analyzing, reporting to Cabinet and publishing Annual Reports of PEs.
Business Plan
Ensuring compliance of PEs with the reporting requirements of the Act
The approval of the dividend policies of PEs.
Confirming the appointment of the CEOs of PEs.
Through the Ministry, the Shareholder enforces these requirements and benchmarks to encourage virtuous returns from its business investments while at the same time, ensuring that its businesses improve the quality and efficiency of essential social services to the public.