The post PRESS RELEASE: Review of Saint Lucia’s parastatal legislation appeared first on St. Lucia News Online.
Parastatal institutions in Saint Lucia refer to entities in which the state has the majority of financial ownership and or responsibility; there is generally a role of the state in the corporate governance and fiscal responsibility; and the state is expected to provide oversight.
A major undertaking of the Parastatal Department in this fiscal year is Legislative Review.
The draft Parastatal Bill was presented to the sector this week, the Bill explores issues of corporate governance and finance in parastatal entities and the functions of the Monitoring Department.
The consultation was held on Tuesday June 20th, 2017 and was facilitated by the Director of Legislative Drafting, Ms .Gulian Vidal Jules.
The consultation engaged Parastatal stakeholders from across thirty agencies by allowing them review and discuss the schedules of the draft Bill.
One participant who applauded the discussion was the manager of BELFUND Ms Kamil Paul who stated: “I am here today and I hope that we capture the policies that help us to improve the whole credit aspect at the BELFUND.”
The Cabinet Secretary stated that the legislative review of the bill was essential for the Parastatal Department to function efficiently.
Mr Benjamin Emmanuel the Cabinet Secretary in the Office of the Prime Minister, noted: “It is really intended to have discussion on a draft bill. A Bill which has the ability to establish a regulatory framework within which that department will operate in relation to the Parastatal Entities. To accomplish this we brought the Parastal representatives together along with the drafting experts to discuss the proposed Bill.”
The Consultation took place at the Bay Gardens Hotel, Rodney Bay.
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