Angola’s public business sector to have new legal framework

21 September 2010

Luanda, Angola, 21 Sept – Angola’s Minister of State for Economic Coordination, Manuel Nunes Júnior, said Monday in Luanda that new legislation for the public business sector “is important for the future functioning of public companies.”

Speaking at the opening of a seminar on the “Legislative Package for the Public Business Sector,” the minister said that the laws that were up for public debate showed “great progress” in relation to the current Public Companies Law.

According to the minister, the innovations included in the proposed law mainly deal with making applicable legislation more uniform, both for state companies as well as companies with state shareholdings.

He said that on approval of the new legislation, managers of state companies would have their rights and duties well-defined, requirements for their recruitment would be established as would the way in which their terms are brought to an end.

The new laws also outline managers’ pay and how to establish levels of pay as well as setting out the need to take into account the profitability of companies in order to raise managers’ pay, he added.

Manuel Júnior noted that the package of legislation also stipulated that external audits be carried out on accounts, the business activities of public companies as well as on contracts between the State and public companies. (macauhub)