As required by Section 6 (4) of the State Owned Enterprises Act 2007, the SIEA Board is responsible for charting the Company’s strategic direction, for the setting of objectives, policy guidelines, goals management, and for monitoring the achievement of these matters.
The Board is also responsible for reviewing the Business Plan, Corporate Plan and Statement of Corporate Intent, and approves Operating and Capital Budgets each year. The Board also reviews matters of a major or unusual nature, which are not in the ordinary course of business.
SIEA Directors’ Duties
The role and duties of the Directors are defined in regulations 17 to 27 of the SOE Regulations, 2010. A key responsibility of the Directors is to achieve the principal objective of the Authority, as stated in Section 5 of the SOE Act: The principal objective of every State Owned Enterprise shall be to operate as a successful business and to this end, to be
- As profitable and efficient as comparable businesses that are not owned by the Crown or established as statutory bodies by an Act of Parliament,
- A good employer, and
- An organisation that exhibits a sense of social responsibility by having regard to the interests of the community in which it operates.