Section 10, The National Commission for Privatisation Act, 2002

(1) The object for which the Commission is established is to serve as the policy and decision making body with regard to the divestiture and reform of public enterprises; to transfer the management of all public enterprises to the Commission, and remove the interference in the management of public enterprises from line Ministries thereby ensuring transparency, corporate governance and avoidance of conflict of interest in the affairs of public enterprises. No. 12 National Commission for Privatisation Act 2002 7 (2) Without prejudice to the generality of subsection ( 1), it shall be the function of the Commission— (a) to act as a prudent shareholder, fully respecting the distinction between shareholding and management, manage and prepare all public enterprises for divestiture and delivery of efficient services; (b) to approve policies for divestiture; (c) to approve guidelines and criteria for valuation of public enterprises for divestiture and choice of strategic investors; (d) to recommend to Government the legal and regulatory framework for public enterprises to be divested; (e) to determine whether the shares of a public enterprise should be by public or private issue or otherwise; (f) to determine the time when a public enterprise is to be divested; (g) to approve the prices for shares or assets of public enterprises offered for sale; (h) to act as interlocutor for all projects in the divestiture process or for public enterprises with the World Bank and other donors; (i) to review from time to time, the socio-economic effects of the programme of divestiture and decide on appropriate remedies; (j) to approve the appointment of divestiture advisers and consultants and their remuneration; 8 No. 12 National Commission for Privatisation Act 2002 (k) to submit to the President and Parliament, in each year, a report on the activities of the Commission and the divestiture process; (i) to receive regular and periodic reports from the Executive Secretary on programme implementation and give appropriate direction; (m) to approve the budget of the Commission and supervise the activities of the secretariat of the Commission; (n) to do all such things as will contribute to the attainment of the object stated in subsection (1). (3) Any Minister planning to present changes to sector policies, which may affect the operations, reform or divestiture of any public enterprise shall, before implementing such policy changes, present them to the Commission for its comment before presenting them to Cabinet for consideration. [Margin: Powers of Commission.]