| Vanuatu: Integrity Scorecard Report > Sub-Category: State-Owned Enterprises | ||
| Indicators | Score | |
| 64 | In law, is there an agency or equivalent mechanism overseeing state-owned companies? | 100 |
| 65 | Is the agency or equivalent mechanism overseeing state-owned companies effective? | 90 |
| 66 | Can citizens access the financial records of state-owned companies? | 100 |
Indicator and sub-Indicator Details
| 64 | In law, is there an agency or equivalent mechanism overseeing state-owned companies? | |||||||
| 64: In law, is there an agency or equivalent mechanism overseeing state-owned companies? | ||||||||
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Comments: Its state-owned enterprises have their own agency. For example, National Bank agency is the National Bank board of directors who come from all departments, such as the state Law and Finance Departments, etc. References: Daily Post Chief Editor Kierry M. Ombudsman Office Representative of National bank of Vanuatu, Litiana Levi Jackson
Peer Review Comments: There will be boards, but there is no one overall agency.
Peer Review Comments: There is no one agency, but each state-owned enterprise as their own agency and board.
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| 65 | Is the agency or equivalent mechanism overseeing state-owned companies effective? | |||||||
| 65a: In law, the agency or equivalent mechanism overseeing state-owned companies is protected from political interference. | ||||||||
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Comments: If the head of this body once formed is appointed by the minister, then it will be subject to political interference. References: There is no law or regulation currently. A bill is in its draft form, according to the Ministry of Finance.
Peer Review Comments: In law yes, in practice no. The VBTC Board was sacked by the Government.
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| 65b: In practice, the agency or equivalent mechanism overseeing state-owned companies has a professional, full-time staff. | ||||||||
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Comments: References: Janet Nguele - Touirism office Micky Missauve - Ocean Computer Techinician
Peer Review Comments: This would vary depending on available expertise.
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| 65c: In practice, the agency or equivalent mechanism overseeing state-owned companies receives regular funding. | ||||||||
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Comments: References: Bank Representative Statistic Office Representative
Peer Review Comments: Yes, but does not mean it is well resourced.
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| 65d: In practice, when necessary, the agency or equivalent mechanism overseeing state-owned companies independently initiates investigations. | ||||||||
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Comments: References: National Bank Representative Public Service Act Companies Act
Peer Review Comments: Likely to vary depending on agency.
Peer Review Comments: This varies between agencies. For example when irregularities are discovered at the National Bank or the National Provident Fund it is aggressive in investigating and/or in cooperating with other investigative bodies. However, the same could not be said for Air Vanuatu.
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| 65e: In practice, when necessary, the agency or equivalent mechanism overseeing state-owned companies imposes penalties on offenders. | ||||||||
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Comments: A good example can be seen in the bank fraud that happened at the National Bank of Vanuatu recently; some staff were sacked. References: Daily Post Chief Editor Kierry M. National Bank of Vanuatu
Peer Review Comments: When rules and violations are discovered, penalties for offenders and/or in cooperating with other agencies that impose penalties vary between state-owned enterprises. Some such as the National Bank of Vanuatu are aggressive in penalizing offenders and/or in cooperating with other agencies that impose penalties, others less so.
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| 66 | Can citizens access the financial records of state-owned companies? | |||||||
| 66a: In law, citizens can access the financial records of state-owned companies. | ||||||||
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Comments: Finances are made available through state-owned enterprises' annual reports. References: Daily Post Chief Editor Kierry M.
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| 66b: In practice, the financial records of state-owned companies are regularly updated. | ||||||||
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Comments: In practice, the financial records of state-owned companies are regularly updated. For instance, the National Bank of Vanuatu updates it's financial records daily and presents those records to the government on a monthly basis, together with a monthly report that is submitted to their Board of Directors. References: National Bank representative (government owned company).
Peer Review Comments: Lack of resources and expertise can mean that reporting is irregular and non-comprehensive.
Peer Review Comments: This varies between state-owned companies. For example, the National Bank of Vanuatu regularly updates its financial records.
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| 66c: In practice, the financial records of state-owned companies are audited according to international accounting standards. | ||||||||
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Comments: References: National Bank of Vanuatu representative- IT section.
Peer Review Comments: Vanuatu's tax haven status as an Offshore Finance Center means that it has excellent international-standard accounting firms in the country who also conduct local work such as auditing.
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| 66d: In practice, citizens can access the financial records of state-owned companies within a reasonable time period. | ||||||||
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Comments: All state-owned enterprises produce annual reports that are made available to the public at no cost and can be obtained quickly. References: Interview with Daily Post Chief Editor Kierry M. Interview with Executive of State-Owned Commercial Bank
Peer Review Comments: While some institutions may make this material available reasonably quickly, all will not be in a position to do this.
Peer Review Comments: It would be difficult for citizens in outlying, regional island areas of the country to access the financial records of state-owned companies within a reasonable time period.
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| 66e: In practice, citizens can access the financial records of state-owned companies at a reasonable cost. | ||||||||
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Comments: All state-owned enterprises produce annual reports that are made available to the public at no cost and can be obtained quickly. References: Daily Post Chief Editor Kierry M. Statistic Office Representative Regina Interview with Executive of State-Owned Commercial Bank
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