Public asset gatekeeper conducts study on dedicated law

Macao Science Center is an example of public capital enterprise

A preliminary study of the legal system monitoring public capital enterprises is now in progress, Sonia Chan, director of the Public Assets Supervising Planning Office (GPSAP), has stated in reply to a lawmaker’s inquiry.
Lawmaker Pereira Coutinho had previously submitted an inquiry into the transparency of enterprises running on public capital or investments.
Chan recapped the inclusion of the legislation as part of the government’s work in last year’s Policy Address. The office, meanwhile, is following the Chief Executive’s instruction in commencing the study of the system.
She added that the legislation will focus on how to supervise and assess the operations and efficiency of government enterprises on the foundation of the Commercial Code. Her office will also consider researching further possible improvements of the operational and financial transparency of enterprises that are running on public capital, whether or not they are controlled by the government.
When the preliminary study is concluded and a plan is established, the government will release the draft of the bill for public consultation in the hopes of gathering communal opinions and suggestions.
In addition, Chan said that a set of guidelines instructing public capital enterprises in relation to information disclosure was announced on June 23 last year, in an attempt to improve the operational and financial transparency of such enterprises.
As of September 30 last year, 55 such enterprises have made the required disclosure and timely updates. Among them, 44 are enterprises in which the government or its surrogates hold more than 50% of shares. The remaining 11 are those in which the government or its surrogates hold less than 50% of shares.
Some of these enterprises have chosen to make partial disclosure or receive exemptions from disclosure. Chan explained that this is permitted by the law when the enterprises are handling third-party data of a private or confidential nature. She assured Coutinho that any missed legal disclosure is subject to criminal prosecution. AL