SJB goes for sustainable SOEs model

The Samagi Jana Balawegaya (SJB) will be espousing sustainable state-owned enterprises (SOEs) model if elected, the party revealed yesterday.

Noting that SOEs are important yet continue to make colossal losses burdening the public, SJB Campaign Manager and Colombo District candidate Eran Wickramaratne said yesterday that appointments to the Boards of SOEs will be professionals who require approval by an independent body akin to the Central Bank doing a fit and proper test for appointments to boards of banks.

Wickramaratne also said that all SOEs will be required to make regular disclosures including quarterly financial performance like listed companies whilst SOEs will be audited by reputed accounting and auditing firms apart from the Auditor General.

Specific plans to revitalise SOEs are among host of new ideas SJB shared yesterday at a meeting with editors to enhance economic security, resilience and fairness. Wickramaratne identified boosting economic growth and exports as immediate challenges along with restoring democracy as well as modernising national security. 

Wickramaratne also said many SOEs function on an ‘owner-operator-regulator’ all-in-one structure often leading to conflicts of interests. “We will not permit this model but ensure roles are clear and distinctive,” he said.