State-Owned Enterprise Financial Snapshot 2015
|State-Owned Enterprise||Ownership||Total Assets||Total Revenue||Total Liabilities||Net Profit / (Loss)|
|(%)||(ST ‘000)||(ST ‘000)||(ST ‘000)||(ST ‘000)|
|EPC||Electric Power Corporation||100%||430,637||131,830||211,340||-848|
|SWA||Samoa Water Authority||100%||149,064||23,400||83,352||1,263|
|SAA||Samoa Airport Authority||100%||58,484||13,567||2,520||650|
|SPA||Samoa Ports Authority||100%||205,275||14,208||77,003||-545|
|SSC||Samoa Shipping Corporation Limited||100%||88,464||23,901||67,535||1,659|
|DBS||Development Bank of Samoa||100%||194,109||9,609||143,338||-4,555|
|SHC||Samoa Housing Corporation||100%||41,722||5,235||14,319||714|
|PTO||Public Trust Office||100%||7,362||1,073||3,166||226|
|SLC||Samoa Land Corporation||100%||119,113||9,356||62,870||249|
|STEC||Samoa Trust Estates Corporation||100%||47,677||388||6,494||-1,443|
|SSS||Samoa Shipping Services Limited||100%||N/A||N/A||N/A||N/A|
|PAL||Polynesian Airlines Limited||100%||41,453||18,306||16,870||1,823|
|UTOS||Unit Trust of Samoa||100%||2,446||1,683||739||937|
|LTA||Land Transport Authority||100%||11,047||37,918||8,777||205|
Samoa’s state-owned enterprise portfolio is composed of 26 public bodies, of which 15 are public trading bodies, 3 are mutual bodies and 8 are public beneficial bodies. The 15 public trading bodies (PTBs) have a legal mandate to operate as commercial businesses, and are engaged in a diverse range of activities including transport, utilities, subsidized housing, postal services, banking, land development, and trustee services. The public beneficial bodies have a not for profit mandate.
During 2002-2014, the PTBs generated an average return on equity of (0.1%), and average return on assets of (0.0%).
More detailed analysis of Samoa’s public enterprise portfolio can be found in:
Government’s Management of SOEs
Government exercises SOE ownership oversight through the application of the:
- Companies Act 2001
- Public Bodies (Performance and Accountability) Act 2001
- Public Bodies (Performance and Accountability) Amendment Act 2015
- Public Bodies (Performance and Accountability) Act Regulations 2002 and
- Composition of Boards of Public Bodies Act 2012.
In 2015, the Government established a Ministry of Public Enterprises to monitor the its ownership interest in the SOEs. The Minister of Public Enterprises is the sole responsible minister for the portfolio, and joint shareholding minister with the Minister of Finance.
The Act and Regulations cover such matters as the duties and responsibilities of the Responsible Ministers, the principal objective of every SOE to operate profitably; how CSOs are identified, costed and approved; directors’ duties; director selection, appointment and removal; and preparation of the Statement of Corporate Objectives and Annual Reports.
Periodically the Government approves policies to provide guidance to the SOEs and assist the Government effectively manage its ownership interest. The following are key policies adopted by Government relevant to SOEs.