14 Companies Of Public Sector Suffer From Shortcomings

Fourteen companies of the public sector that are subject to monitoring suffer from shortcomings in the internal monitoring process that should aim at enhancing the performance of financial and administrative departments, reports Al-Shahed daily quoting sources from monitoring bodies.

They explained that 11 companies did not implement any monitoring systems or adjustment regulations, and ten companies do not have a balanced structure in terms of the boards of directors due to the lack of independent members as well as lack of allocation of specific tasks to the board members and executive administrations.
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These ten companies lack a definite mechanism that can enable their board members to obtain the needed information. They suffer from the absence of a clear mechanism and criteria to select efficient individuals for becoming members of their boards. The Public Facilities Management Company can be taken as an example in this regard. In that company, the secretary leaves work before recording all the procedures. The company has violated relevant laws by appointing a manager and executive consultant for the investment projects from outside the company.

The sources added that Kuwait Airways Corporation (KAC) continues to suffer losses which have now reached KD 46 million.

SOURCE : ARABTIMES

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