The Cabinet of Ministers has granted its policy approval for the State-Owned Enterprises (SOEs) Management Draft Bill prepared in order to introduce a new legal framework for the proper management and maintenance of State-Owned Enterprises.

Speaking during the Cabinet press conference held this morning (29), Cabinet Spokesman, Minister Dr. Nalinda Jayatissa said it has been recognized that the SOEs should be restructured and well-managed in a manner without making them a continued burden on the Treasury and the country’s economy, with the support of local or foreign investments. 

The Minister noted that it is the policy of the new government to introduce an efficient and transparent mechanism for this purpose.

A preliminary draft titled “State-Owned Commercial Enterprises Management Bill” has been prepared to introduce a new legal framework for the proper management and maintenance of State-Owned Enterprises, which will enable the SOEs to be completely void of political influence and to appoint professionals with expertise in their fields to their boards of directors with professional qualifications, Dr. Jayatissa added.

Accordingly, the Cabinet of Ministers has granted its policy approval for the said draft bill and approved the appointment of a special committee with the following composition to review and submit suitable recommendations for further improvement of the draft.

- Chairman: Minister of Labour and Deputy Minister of Economic Development (Dr.) Anil Jayantha Fernando

- Minister of Industries and Entrepreneurship Development Sunil Handunnetti 

- Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe