Ministers say arm's length operation was a 'key tenet' of operator's acquisition
A recommendation from a Tynwald select committee that the Steam Packet Company should be brought under the auspices of a statutory board has been rejected by the Council of Ministers.
The recommendation was contained in the report of the select committee on the regulation of the government-owned ferry operator.
In its response CoMin says the operation of the Steam Packet at arm's length from government, as it is currently, was a key tenet of the rationale for its acquisition, and remains appropriate.
While the select committee's proposal was given short shrift an alternative suggestion that as part of the Council of Ministers' ongoing work on developing a policy on government-owned companies, Treasury should consider how to enhance its oversight of the Steam Packet and report back at the end of the year, was accepted.
CoMin says that whilst there are no obvious deficiencies in the existing governance and oversight of the company by the Treasury, Council recognises that the detailed mechanisms and key documentation would, in all likelihood, benefit from a refresh.
Tynwald will consider the committee's findings and CoMin's response at next month's sitting.
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