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Politics News

MFDP holds SOEs annual review workshop

A two-day State Owned Enterprises (SOEs) Annual Renewal Workshop gets underway from June 23 to June 24, 2017 in the port city of Buchanan, Grand Bassa County.

According to the Ministry of Finance and Development Planning (MFDP) release, the annual event is organized by the SOE Financial Reporting & Coordination Unit of the MFDP, and is intended to address planning and reporting challenges of SOEs as well as develop a common agenda to mitigate risks associated with SOEs operations.

The event is part of government’s initiative to continue the implementation of reforms necessary in the SOE sector, the statement said. The release indicated that the two-day workshop will provide a forum to discuss key challenges facing SOEs in the implementation of section 43 & 46 of the Public Financial Management Act of 2009, while in the same token develop a consistent approach in the evaluation and monitoring of the sector.

The workshop will discuss through selected presentations by experts mechanisms aimed at strengthening government’s financial reporting framework to enable SOEs understanding the principles of effective financial reporting.

Key discussions will include the following: Developing Strategic Plans and Annual Performance Plans (Annual Budget), Considering Synergies for Business Positioning; An insight on SOEs Reporting Framework: The PFM Act of 2009, Specific Issues with SOEs Financial Statements & Disclosures and Transparency, Accountability and Sustainability: Exploring SOEs Reporting Practices.

Others are SOEs Corporate Governance Structure and Functionality: Promoting Good Corporate Governance through Contributions towards National Policies; Corporate tax payments and social security contribution; and the pros and cons of SOEs corporate social responsibility spending.

The workshop will bring together key stakeholders from the SOEs, Donor and Development Partners, the Ministry of Finance & Development Planning (MFDP), and other PFM Implementing Entities.-Press release

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