PERIODIC REPORTING SIMILAR TO LISTED FIRMS SOUGHT
Full disclosure in GOCCs urged
By Ayen Infante 11/02/2010To whip state firms into efficiency, a legislator has proposed that government-owned and -controlled corporations (GOCCs) and financial institutions to periodically give to the public what is equivalent to the requirement of the bourse on listed firms, which is adequate disclosure of their financial conditions.
GOCCs should routinely report their operating and financial performance directly to the public, to Filipino taxpayers, not just to the Department of Finance (DoF), Cavite Rep. Elpidio Barzaga Jr. said.
“Taxpayers are the ultimate shareholders of all GOCCs. Thus, GOCCs should disclose their quarterly and annual results to the public, through management conducting a news conference, where their performance can be openly scrutinized by the media,” Barzaga said.
GoCCs should also post detailed quarterly and annual reports on their web sites, in a format to be aproved by the DoF, for all to see, Barzaga said.
GoCCs are under fire for being perennial drains to the government coffers while appointed officials in these firms shower themselves with fabulous salaries and perks.
President Aquino recently signed Executive Order 7 suspending the perks of GOCC officials but this has been challenged in the Supreme Court (SC) which is expected to come out with a ruling soon on the EO’s validity..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/
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