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Seychelles
Public Enterprises Act, 2023
Act 6 of 2023
- Published in Supplement to Official Gazette on 31 May 2023
- Assented to on 31 May 2023
- Commenced on 1 June 2023 by Public Enterprises Act (Commencement) Notice, 2023
- [This is the version of this document as it was from 31 May 2023 to 14 May 2025.]
Part I – Preliminary
1. Short title and commencement
This Act may be cited as the Public Enterprises Act, 2023 and shall come into operation on such date as the Minister may, by notice published in the Gazette appoint.2. Interpretation
3. Purpose of the Act
The purpose of this Act is to provide a framework for governance, operations, performance monitoring and financial oversight of public enterprises and to clarify accountability relationship between public enterprises, their governing bodies, their responsible Ministers, the Commission and to—4. Application of Act
This Act applies to all public enterprises in which the government has majority ownership as specified in Schedule 1.Part II – Public Enterprise Monitoring Commission
5. Establishment of the Commission
6. Object of the Commission
The principal object of the Commission is to—7. Funds of the Commission
8. Relations with other regulatory authorities
Part III – Commissioners of the Commission
9. Appointment of Commissioners
10. Disqualifications from being a Commissioner
A person is disqualified from appointment as a Commissioner if he or she—11. Remuneration and other benefits
The salaries, allowances, benefits and other terms and conditions of service of the members of the Commission shall be determined by the Government's remuneration policy.12. Disclosure of interest by Commissioners
13. Tenure of office
A person appointed under section 9 shall hold office for a period of five years and shall be eligible for re-appointment.14. Termination, resignation, removal and vacancy of Commissioners
15. Proceedings of the Commission
16. Committees of the Commission
17. Directives by the Minister or responsible Minister
18. Liability and protection for actions taken under this Act
19. Secretary of the Commission
Part IV – Chief Executive Officer of the Commission
20. Appointment of the Chief Executive Officer
21. Disqualifications from being the Chief Executive Officer
A person shall be disqualified from being appointed as the Chief Executive Officer where he or she—22. Disclosure of conflict of interest by Chief Executive Officer
23. Tenure of office
The Chief Executive Officer shall be appointed for a term of three years and shall be eligible for re-appointment.24. Termination, resignation, removal, and vacancy of the Chief Executive Officer
25. Functions and powers of the Chief Executive Officer
The Chief Executive Officer is responsible for the general administration of this Act and the Commission; and for carrying out any functions assigned to him or her in this Act, and shall—Part V – Powers, functions and reporting obligations of the Commission
26. Functions of the Commission
The functions of the Commission are to—27. Powers of the Commission
For the performance of its functions under this Act, the Commission shall have the power to—28. Reporting obligations of the Commission
Part VI – Audit, accounts and records of the Commission
29. Annual estimates, accounts and records
The Commission shall—30. Audit of accounts
The accounts of the Commission shall be audited by the Auditor General in accordance with Article 158 of the Constitution.31. Confidentiality of information
Part VII – Staff of the Commission
32. Appointment of staff
33. Appointment of consultants and experts
34. Conflict of interest and duties
Part VIII – Special investigations by the Commission
35. Power to direct special investigations
36. Powers of investigators
An investigator shall have the power to—37. Reports of investigation
38. Exemptions for special investigations
The following matters shall be exempted from special investigation—39. Offences in relation to special investigations
40. Interim measures
Upon the receipt of reasonable grounds from an investigator, the Commission may propose to the Board of the respective public enterprise or the Minister to suspend any official from office in accordance with the Employment Act.41. Appeal procedures
Any officer or person not in agreement with a report of the investigator shall have the right to appeal against the disputed subjects to the Minister.42. Withdrawal or termination of special investigation
Part IX – Establishment of public enterprises
43. Application of Part
44. Declaration of public enterprise
45. Determination of initial capital and shares
The market value of the net assets of a public enterprise shall be determined by an independent valuer and treated as the initial capital of the public enterprise under section 44.46. Shareholding and capital structure
47. Continuous guarantees
Despite a budget dependent entity being declared to be a public enterprise, a guarantee or indemnity given by the Minister by or under an Act or otherwise before the date of the declaration in respect of the performance, satisfaction or discharge of obligations or liabilities of the budget dependent entity under an instrument issued or entered into by the budget dependent entity before the date of that declaration, continues as a like guarantee or indemnity.48. Transfer of assets and liabilities
Part X – Governance of Public Enterprises
49. Ownership of Public Enterprises
All Public Enterprises shall be owned and governed in accordance with the Ownership Policy for Public Enterprises.50. Code of Corporate Governance for Public Enterprises
All public enterprises shall apply the Code of Corporate Governance for Public Enterprises.51. Policies and strategic priorities
52. Strategic plan
53. Statement of corporate intent
54. Annual business plan
55. Performance indicators and performance reporting
56. Duty to act within the scope
Part XI – Board of directors
57. Appointment of members of Boards
58. Composition of the Board
59. Disqualifications from membership of a Board
A person is prohibited from being a Board member where that person—60. Board charter
61. Duties and powers of members of the Board
62. Directors' duty for care and skills
63. Conflict of interest and duties
64. Tenure of office
A person appointed under section 57 shall—65. Termination, resignation, removal and vacancy of office
66. Procedures of the Board
The Board charter shall define the procedures in respect of the meetings, quorum, and proceedings of the Board of a public enterprise as specified in Schedule 2.67. Performance agreements with the Board
68. The Board Secretary
69. Protection for actions done in good faith
A member of the Board, a Secretary or an officer of a public enterprise shall not be criminally or civilly liable in respect of an act done or omission made by the public enterprise, the Board, the Secretary or officer in good faith in the execution or purported performance of a function under this Act or any other law.70. Validity of decisions
No act or decision of the Board is invalid by reason only—71. Confidentiality of information
72. Other committees of the Board
73. Restriction for receiving, gifts, benefits etc.
A member of the Board shall not accept—74. Restriction on grant of loans to Directors
Part XII – Chief Executive Officer
75. Appointment of the Chief Executive Officer
76. Disqualification from being a Chief Executive Officer
A person shall be disqualified from being appointed as Chief Executive Officer of a public enterprise where that person—77. Powers of the Chief Executive Officer
78. Performance agreements
79. Conflict of interest and duties
80. Termination, resignation, removal and vacancy of the Chief Executive Officer
Part XIII – Budget, accounts and records
81. Annual budget
82. Financial statements and annual reports
83. Maintenance of accounting and financial records
Part XIV – Audit
84. Internal audit function
85. Audit of accounts
86. External auditor
87. False information or statements to auditors
Part XV – Public enterprises reporting and accountability
88. Annual general meeting
89. Protection of assets of public enterprises
90. Disposal of assets and liabilities by public enterprises
91. Distributions of dividends
92. Quarterly reporting
93. Submission of other information
A public enterprise shall provide the Commission with—Part XVI – Offences and non-compliance
94. Offences and penalties
Any person who—95. Effect of non-compliance
In the event of non-compliance by a public enterprise or any officials or Board members of the public enterprise with any of the obligations under this Act, the Commission may issue a notice specifying a timeframe for compliance with the obligations and any further directives as the Commission considers necessary or appropriate.Part XVII – Enforcement
96. Enforcement powers of the Commission
The Commission, in the performance of its functions under this Act—97. This Act to prevail over certain laws
98. Returns and information
99. Inefficient operations of public enterprises
100. Powers of Ministers
Part XVIII – Miscellaneous
101. Publication of information
The Commission shall not permit any person to access information submitted to the Commission by a public enterprise, unless the Commission deems such access necessary for the purposes of this Act.102. Settlement of disputes
103. Liability for decisions made
No person engaged in carrying out any provision of this Act is liable in respect of anything done or omitted in good faith to be done and not attributable to intent or negligence in the exercise of a power or performance of a duty or function under or by virtue of this Act or in respect of anything that may result from the performance of that duty or function.104. Regulations
The Minister may make regulations—105. Repeal and savings
History of this document
15 May 2025 amendment not yet applied
01 June 2023
Commenced by
Public Enterprises Act (Commencement) Notice, 2023
31 May 2023 this version
Assented to