State-Owned Enterprises Act, no. 5 of 2023

This Act, divided into eight parts, focuses on measures for ensuring governance, management and administration of State-owned enterprises. Matters covered by this Act include: establishment and composition of State-owned enterprises commission; functions and powers of the State-owned enterprises commission, including: ensuring alignment and consistency with the national development policies and plans, establishing generally accepted common principles of corporate governance and good practice governing State-owned enterprises, promoting efficiency, monetary stability and a sound financial system in the management of the State-owned enterprises; establishment, powers, composition and functions of state-owned enterprises, including: promoting public interest, being a successful and efficient business, maximising the net worth of the public investment, entering into any covenants or agreements in respect of its objectives or functions; transfer of Government property and certain contracts and liabilities to a State-owned enterprise; disposal of profits of State-owned enterprises; acquisition of any land or interest in land for State-owned enterprises; roles of board of directors of State-owned enterprises; financial matters and funds of the commission; preparation of a business plan; prohibited activities; general and specific penalties and sanctions.