Public Enterprises (Control and Monitoring) Act, 1989.

This Act, consisting of 14 articles, aims to provide for the control and monitoring of public enterprises and partly owned enterprises, specified in the Schedule attached to this Act. Article 3 establishes in the Ministry of Finance a Public Enterprises Unit with the following main functions (i) advising and supporting the Minister and the Standing Committee in carrying out their functions; (ii) monitoring and reviewing the financial performance and budgets of Category A public enterprises, identifying potential issues, and setting performance targets aligned with their objectives and operations; (iv) addressing challenges in financial reporting by coordinating technical assistance; (v) providing advice on financial policy; (vi) reporting on the performance and plans of these enterprises.
The Law also addresses key governance aspects, including the appointment of governing bodies, the obligation of public enterprises to provide information, the appointment of auditors, and the approval of major policy decisions. The appointment of members of governing bodies is generally the responsibility of the relevant Minister, ensuring qualified, accountable, and policy-aligned leadership. Public enterprises are required to submit reports, financial statements, and other relevant information to promote transparency and enable effective government oversight. In addition, independent and qualified auditors must be appointed to examine financial records, ensuring accuracy and accountability in the use of public resources. Furthermore, the law imposes specific requirements on Category A public enterprises, which must obtain prior written approval from the Minister, acting in consultation with the Standing Committee, before undertaking major actions. These include significant changes to tariffs or charges, major investments or expansions, the disposal of substantial parts of the business, and major adjustments to staff salaries or working conditions.