04-28-2013, 05:38 AM
Still some debates going on about Petromin being restructured. O'Neill explains and makes very good sense. Note what he says about transparency and accountability being assued now so that the people aren't taken advantage of commercially by those with vested interested. I think that means the back door has been closed, bolted and nailed shut.
PM: TRANSPARENCY AND ACCOUNTABILITY MAIN AIM FOR RESTRUCTURE
on Saturday, 27 April 2013. Posted in News
The NEC decision to restructure Petromin PNG Holdings is still sparking debate from all sectors.
Last night on EMTV’s Resource PNG program, the Prime Minister Peter O’Neill was placed in the hot seat regarding the restructure.
“...running of the proposed companies is not my responsibility, it going to be managed by independent managers, independent board members, I will just be a trustee…” PM, Peter O’Neill said.
He said quarterly and monthly reports will be submitted by the board members and management in order to monitor their transparency and accountability.
“We don’t want to go there 10 years later and find that it’s not working. We must make sure that management decisions and board decisions are monitored so that it is in the best interest of that organization. We cannot afford to have a situation where these organizations are taken advantage of commercially by people with vested interests, and that is why we thought who better than to have former Prime Ministers, who we all have trusted to hold this position…”, Mr O’Neill continued.
Speaking about the state equity hold, the PM said PNG’s current law and legislative structure does not allow the state to hold direct state equity, under the name of the state which is why there are trustee arrangements.
The Prime Minister, “… our current law and our legislative structure does not allow that you know, state is not seen as an entity where it hold shares directly under the name of the state or the independent state of Papua New Guinea… because when you start holding shares in companies, you can be sued as an entity…”
The Prime Minister gave his assurance that the Ministry of State Enterprise will continue to exist. The role will have a more defined overall carriage of policy issue managing SOEs throughout the country.
The Prime Minister stressed that IPBC was create without much debate and he was asked to reassure the nation of the fiscal management safeguarding the minerals and petroleum assets under his role as trustee exercising veto power.