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|T O P I C R E V I E W
||Posted - 10 Feb 2020 : 17:32:36
By Nelson Manneh on February 10, 2020
The Public Enterprise Committee (PEC) of the National Assembly on Friday 6th February 2020 deferred its engagement with the Social Security Housing and Financial Corporation (SSHFC).
This was because the institution failed to present its Management Letter, Financial Statement and Activity Report for the year ended 2018 to PEC.
Hon. Halifa Sallah the Chairperson of the Public Enterprise Committee of the National Assembly said Enterprises are expected to submit their Financial Statements and Activity Reports at the end of each financial year and they should submit the reports not beyond three months of the end of the financial year.
“The committee is given the power to extend the period which has been done to put an end to the backlog that we have inherited. We are supposed to receive the presentation for the SSHFC Financial Statement and Activity Report for the year ended 31st December 2018,” he said.
The Chairperson of the PEC said due to the fact that many institutions have to regularize their reports, they have accompanied them in that process and the final contract is for them to present the 2018 reports before 31st December 2019, so that they can consider the reports.
“If that is achieved by any Public Enterprise, that Public Enterprise would have led the way in constitutional compliance and when we present our report to the plenary that institution will be highly regarded for the compliances,” he said.
He continued: “We believe that it is such compliances that will enable the National Assembly to carry out its core functions as dictated by section 175 of the constitution, which states that this committee is established to ensure that Public Enterprises are accountable to the National Assembly and to the Executive and that is why you are making direct presentations to the National Assembly for considerations,” he said.
Hon. Sallah said the objective of that process of accountability is to ensure efficiency, transparency and commitment in all the undertakings of the public enterprises.
In this regard, he said he should have put the question for the members to consider that the management of SSHFC presents its Financial Statement and Activity Report for the year ended 31st December 2018, but upon consultation with the Clerk and the staff of the cooperation, it is clear that the documents are not available.
He said the consultation has yielded consent for them to defer the presentation to Monday 10th February 2020.
Muhammed Manjang the Managing Director of the SSHFC for his part said they will comply with the demands of the National Assembly PEC committee and they will do the submission of the documents before Monday.
|1 L A T E S T R E P L I E S (Newest First)
||Posted - 12 Feb 2020 : 17:37:01
By Nelson Manneh on February 11, 2020
Social Security Housing and Financial Corporation (SSHFC) has on Monday 10th February presented their Financial Statement, Activity Report and Management Letter for the year ended 2018 to the Public Enterprise Committee (PEC) of the National Assembly.
Financial Statement, Activity Report and Management Letter for the year ended 2018 to the Public Enterprise Committee (PEC) of the National Assembly.
Hon. Halifa Sallah the chairperson of the Public Enterprise Committee said the 1997 constitution provide for accountability of public enterprises to the National Assembly
“Under sub-section (4) of section 175 it is obligatory for the National Assembly to establish a committee to monitor the activities of all public enterprises with the view to ensure that in all their undertakings they are committed to the principle of efficiency and transparency,” he explained.
The chairperson further said under section 175 sub-section (5) makes it mandatory for public enterprises to submit annual reports on their operation and business transactions within three months of the end of each financial year provided that the PEC committee is also given the responsibility to extend the submission where it deems necessary.
“We inherited a backlog and decided to enter into some form of arrangement with public enterprises to put an end to the backlog. We decided that 2015, 2016 Activity Reports and Financial Statements should be submitted before or on the 30th of June 2018 and 2017 by 31st December 2018 and that would have been the end of the backlog and we should have started afresh and by 31st March 2019 we should have received the 2018 Activity Report and Financial Statement,” he said.
Notwithstanding Hon. Sallah said institutions continued to build up their capacity to deliver as required by the constitution and that is how they entered in to a new contract that by 31st of December 2019, they would receive the Activity Report and Financial Statement for review.
He said they hope that by 31st March 2020, the institutions would comply with their constitutional mandate and would have put an end to the backlog.
“We start the process with the submission of the Activity Report and Financial Statement and that has been done. We now have in our hands the Activity Report, Financial Statement and the Management Letter for the year ended 31st December 2018,” he said.
The Chairperson of the Committee added that it is the duty of the board and management of the SSHFC to present their report to PEC for consideration.
He said they will be guided by the understanding of the functions of the corporation’s Act.
Muhammed Manjang the Managing Director of SSHFC who went through the Activity Report presented to the PEC said the SSHFC was established in 1981 by the SSHFC Act and is responsible for managing the federated pension scheme of public enterprise employees and the National Provident Fund for employees of private companies both of which are capitalized pensions scheme.
“Since its inception, the responsibilities of SSHFC have scaled up to include the management of Industrial Injuries Compensation Fund (IICF) covering the public and private sectors employees, workplace injuries and the provision of affordable housing for the Gambians,” he said.
MD Manjang said as the mandate of the SSHFC widen, so do the challenges that restrain the progress towards the achievement of the demanding roles.
He said some of the key challenges include employer’s noncompliance, high restricted investment opportunity, lower social security coverage among others.
In responding to these challenges he said innovative ways have been laid out to meet the expectations of beneficiaries and stakeholders.
He said they remain hopeful that this will further impact positively and offer better services for the stakeholders, the drive of value creational and operational efficiencies, and prudent investment of members’ fund.
“We are very pleased with the improve operational performance in 2018 with consolidated net new money available for investment increasing by 501% and members fun increasing by 11%,” he said.
MD Manjang went through the report page to page, explaining the table in the Activity Report to the members of the PEC.
Haddy Kebbeh the Acting Financial Director then took Members through the SSHFC Financial Statement for the year-end 2018 in which she highlighted the investment income, noncurrent assets, equity investment, investment properties, current assets, trade and other receivables, other financial assets, cash in the bank and in hand, total current assets, total assets, equity and liability among others.
Ramatoulie Jallow a member of the External Auditors also presented their recommendations to the Public Enterprise Committee (PEC).
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