Statement of​ Corporate Intent (SCI) -Signing Ceremony

Press Release - 04th April 2023
Event of Signing the Statements of Corporate Intent  
for Five State Owned Enterprises (SOEs)

At the Interim Budget 2022, it was proposed to sign the Statements of Corporate Intent (SCI) as a tool to strengthen the performance, governance, accountability and transparency in public enterprises. As an initial step of the above, the ceremony of signing the SCIs with five SOEs selected by the government was held at 4.00 p.m. on 04th April 2023, at the "Randora" Auditorium of the Ministry of Finance.

The SCI is a tripartite agreement which is signed to enhance the operational, financial and service delivery performance of SOEs within an agreed time frame in line with the Macroeconomic Policy Framework of the Government.

This tripartite agreement is signed by the Chairperson on behalf of the Board of Directors representing the SOE, the Secretary of the Line Ministry representing the oversighting entity and the Secretary to the Treasury representing the General Treasury in terms of securing public interests and state ownership.

SOEs are expected to achieve the establishment objectives by ensuring the maximum return on public investment while making sure the optimum utilization of institutional resources as well as the ability to operate with commercially viable and independent from the government budget and it is emphasized the responsibility and the commitment of the Board of Directors and other parties of the SOEs for the above.

The success of the process of the corporate intent is basically depend on which extent that the selected SOEs and the line ministries are utilizing the SCI as their management tool. The progress of the implementation of SCI is monitored by the Department of Public Enterprises and it is expected to submit the reports on the progress made by the SOEs for the attention of the Cabinet of Ministers from time to time.

As a preliminary step, the SCIs have been signed with five SOEs namely National Lotteries Board, Development Lotteries Board, Sri Lanka Transport Board, Chilaw Plantations Limited and Kurunegala Plantations Limited, today. Accordingly, the Board of Directors including the Chairperson of the SOE is expected to implement the necessary strategies and monitor continuously to achieve these goals.

Based on the implementation of this programme, the government is expected to sign the SCIs with other SOEs from time to time.