President Joseph N. Boakai has reaffirmed his commitment to reforming Liberia’s state-owned enterprises (SOEs) by advocating for salary caps and stricter oversight of executive compensation. His focus is on aligning the pay of SOE executives and board members with the country’s current economic conditions, ensuring a fairer and more transparent use of public resources.
This stance came after President Boakai received a detailed report from the Bureau of State Enterprises (BSE), highlighting key inefficiencies in salary structures, stipends, and operational challenges within SOEs. The report revealed a lack of coordination between SOE boards and management, prompting a strong call for the creation of a regulatory framework to bring about much-needed reforms.
President Boakai acknowledged the diligent efforts of BSE Director General Arthur Massaquoi, thanking him for the comprehensive report. He expressed understanding for the public’s concerns over financial mismanagement and waste in SOEs and reiterated his administration’s determination to tackle these issues head-on.
The President has urged the BSE and the Governance Commission to work together in developing a robust Corporate Governance Policy. This policy would address the gaps and inefficiencies in the sector, providing a clear roadmap for harmonizing operations and ensuring greater accountability.
This push for reform reflects the government’s broader commitment to improving efficiency across SOEs, fostering transparency, and ensuring that public funds are managed responsibly. President Boakai’s approach underlines his administration’s dedication to promoting responsible governance and restoring public confidence in Liberia’s state enterprises.
Source: Executive Mansion Liberia
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