An Oversight Committee has been established to monitor state-owned enterprises and statutory bodies (SOEs).
The Committee will be chaired by Dr. Justin Robinson. The other members are Winston Moore, David Simpson, Chris DeCaires, Jeremy Stephens, Oliver Jordan, a representative from the Barbados Workers??? Union and the National Union of Public Workers, as well as the Permanent Secretary in the Ministry of Finance or her nominee.
The role of the Committee, which was set up on June 1, includes overseeing the preparation and implementation of a medium-term fiscal strategy to address the arrears and financial reform of parastatals; the preparation of an Owner???s Expectation Manual; the future appointment of board members; and the regular review of parastatals??? board performance.
Underscoring the importance of the Committee, officials in the Ministry of Finance and Economic Affairs stated that the improved monitoring of the SOEs is one of the measures to assist with improving the fiscal situation, and is expected to result in greater accountability of these entities.
The Oversight Committee will work closely with the Management Accounting Unit of the Ministry of Finance and Economic Affairs. The Unit will be strengthened by ensuring that it has the full complement of staff to enable it to better execute its mandate of monitoring SOEs.