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Government to implement measures to boost the Cooperative Sector

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23May

Government to implement measures to boost the Cooperative Sector

Government will implement the recommendations made by the Office of the Public Sector Governance (OPSG) in its Report on the Reorganisation of the Cooperatives Division of the Ministry of Business, Enterprise and Cooperatives. This decision is in line with Government objective to further strengthen the Cooperative Sector.

The OPSG has recommended the creation of a new Cooperative Audit Unit to provide audit services to cooperative societies in line with good governance and best international practices as well as the review of the process of auditing of financial statements of cooperative societies

Amongst other recommendations, the OPSG also proposed the amendment to the Cooperatives Act to provide for appropriate sanctions against cooperative societies which do not submit their financial statements within the prescribed time limit and the consolidation of the cooperative movement in Rodrigues.

It is recalled that the OPSG operates under the aegis of the Prime Minister’s Office and provides services on Public Sector Reform, Management Consultancy and Corporate Governance to Ministries, Departments, Parastatal Bodies, Local Authorities and other organisations within the Public Sector.

 

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