Ver Angola

Economy

Public companies will transform into public limited companies

The Institute for the Management of State Assets and Participations (IGAPE) announced this Thursday that most public companies will be transformed into commercial companies, “especially public limited companies”, to improve the analysis and approval of accounts.

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According to the president of IGAPE, Patrício Vilar, the measure is part of the roadmap for the reform of the Public Business Sector (SEP), aiming to remedy the non-compliance that is registered in the accountability process, especially in relation to the lack of an opinion from the supervisory board and the external auditor.

"We insist that, in most cases, public companies must transform themselves into commercial companies because commercial companies have their own bodies for analyzing and approving accounts, and these bodies, such as the general meeting, have dedicated people", said Patrício Vilar.

The official, who was speaking this Thursday at the first panel of the "Methodological Meeting on Accountability in the Public Business Sector 2023", stressed that the companies targeted will be, in particular, those that are in a "competitive environment".

"That's why we have to work in that direction, because that's what the SEP reform roadmap tells us, we are going to transform the majority of companies, those that are in a competitive environment, into commercial companies, mostly into public limited companies", he pointed out.

The accountability of the SEP was the topic addressed in the first panel of the meeting, where IGAPE addressed the reduced number of accountability of companies, especially in the course of 2022.

Some companies, observed Patrício Vilar, even present accounts without the opinion of the respective fiscal council and without the opinion of the author.

"It became clear that there is a significant number of companies in which the audit boards did not issue an opinion and there is also a group of companies where the auditor does not have time to issue an opinion or issues it with reservations and some of them are not the responsibility of the shareholders", he stressed.

The president of IGAPE also encouraged cooperation among all those involved in the process of collecting information for submission to IGAPE, a process that "should take place during, and not after, the presentation of the report".

IGAPE "can and should consider that it was not delivered (the report), that the accounts were not delivered if the opinions have not been issued, it can and should and we are going to do it", he exhorted.

The accounts reports of the SEP companies without the opinion of the fiscal council and the opinion of the external auditor will be "null", assured Patrício Vilar.

"Those who do not get this cooperation and do not get either the supervisory board or the external auditor to issue an opinion, we will consider that they were not delivered. It is by law, if the accounts are not certified we cannot consider it", he promised.

He also pointed out, in his speech, the implementation of program contracts and management contracts, as a major challenge to be materialized as of this year, particularly for companies that were capitalized.

"Those companies that were capitalized and whose mandates were renewed, this year, will be at the forefront, we want to match the program contracts with the mandates, it is important", he stressed.

"It is necessary to reinforce some mechanisms and some rules (...) we have included this as a roadmap for reforming the SEP, but we believe that with what we have it is also possible to improve, as long as we all cooperate", concluded the president of the public institution.

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