The government plans to sign the ‘Statement of Corporate Intent (SCIs)’ initially with five selected State Owned Business Enterprises (SOBEs) today, March 15.
This move has been approved by the Cabinet on February 28, the Finance Ministry said yesterday.
The five SOBEs, Ceylon Electricity Board (CEB), Ceylon Petroleum Corporation (CPC), National Water Supply and Drainage Board (NWS&DB), Airport and Aviation Services (SL) LTD (AASL) and Sri Lanka Ports Authority (SLPA) have been selected to sign this Statement of Corporate Intent.
SCI is a tripartite Memorandum of Understanding (MOU) to be signed by the Finance Ministry Secretary , Secretary of relevant line Ministry and the Chairman on behalf of the Board of Directors of the respective SOBEs.
SCI includes key performance indicators linked to Corporate Plan, Action Plan and Annual Budget of the SOBEs for three years’ time horizon stating from 2017. In addition, the impact of all non-commercial operations by the SOBEs are also taken in to the account and included to SCI.
The SCI will enable to contribute positively to the strategically important SOBEs towards achieving Sri Lanka’s economic goals by enhancing the contribution making to the GDP of the country. In achieving the set objectives of these SOBEs, the key expectations of the government are to encourage and to facilitate these SOBEs to improve the operational and financial efficiency through improved corporate practices, innovative financing, strong and prudent financial management, exposure to competitiveness and international best-practices and effective human resource management while enhancing public accountability.
The SCI provides more transparent and accountable information stream to the real stakeholders.
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