Cape Verdean government wants to force companies to publish accounts

5 February 2018

The Cape Verdean government will introduce new rules into existing legislation to strengthen the requirement for companies, especially public companies, to publish their accounts, said Prime Minister Ulisses Correia e Silva in Praia on Friday.

The prime minister, who was speaking at the opening of the 2nd Congress of the Professional Order of Auditors and Accountants, said the measure was part of a “very strong agenda” that the government has to promote transparent governance which, he stressed, began with the approval of the new law of the Court of Auditors.

“There is no culture of publication of accounts, although the law requires it. Even in public companies, few publish reports and accounts. I do not know if it is to save money on publication in the newspapers, but we must make that obligatory,” he said, quoted by the Inforpress news agency.

Correia e Silva stressed the need to present this snapshot of the economic performance of companies, particularly those that have a strong implication in certain vital sectors, “so we will move forward with legal changes to reinforce this obligation.”

A system is also being prepared for the regular publication, on the Internet, of all public requisitions of goods and services, including public works and a specific site to publish all information on the restructuring and privatisation of companies underway, as well as the governance statistics manual.

Providing financial and budget information on the public expenditure, revenue, and public debt to enable citizens to keep up to date with the execution of the State Budget was another measure mentioned by Correia e Silva. (macauhub)