The Ministry of Transport
Government is also composed of non-ministerial government entities, Public Enterprises or State-Owned Enterprises. They work independently of ministers, yet remain accountable to them. These commercial entities are usually companies and statutory corporations of which government is also a prime shareholder. Public Enterprises are governed by a Board of Directors with a full time, CEO appointed by the President.
The Boards of public enterprises are accountable for their financial and non-financial performance through the Companies Act, the Public Enterprise Monitoring Act and the Financial Institutions Act, and their performance targets are set out in a Statement of Corporate Intent. These public entities are audited annually by an external auditor, who is appointed by the Parent Minister. The Public Enterprise Monitoring Commission monitor and evaluate the overall performance of public enterprises and promote ethics of good governance in all their business transactions. Annual reports are submitted to the parent Ministry, Cabinet and the National Assembly.
SPTC is classified as a State Owned Enterprise and is accountable to the Ministry of Transport.
SPTC Governance
SPTC aspires to the highest standards of corporate governance and ethical conduct and maintaining full compliance with the laws, rules and regulations that govern the Company’s businesses.
In its widest sense, the term “corporate governance” covers the organization of the control and management of a company including the relationship between the Members of the company and management and the operation of the company’s Board.
Corporate governance consists of a set of rules and conduct in accordance with which companies are managed and controlled and has been compiled in the SPTC Governance Charter 2013 (Find a copy in our Media)
SPTC Governance Structure
