Director, Government Shareholding (FMG/PA 3)

The Government Shareholdings Director is responsible for overseeing the shareholdings of the Government and accounting for all Government securities.

Job Title:                        Director Government Shareholdings

Job Level:                       FMG/PA 3

STRATEGIC OBJECTIVE

 The Government Accounting and Reporting Division is responsible for adoption and compliance with cash basis International Public Sector Accounting Standards (IPSAS); consolidated fiscal accounting and reporting; banking authorizations and arrangements; consolidation of Government cash resources; and oversight for Government shareholdings in public bodies.

This division is the seat of Government accounting standards, ensuring that IPSAS are adhered to throughout the public sector; that effective financial systems and procedures are established throughout the public sector, are being consistently followed, and are in line with best practice and legal requirements; that Government accounts and reports are prepared according to set regulations, laws guidelines; that the annual financial statements and consolidated fiscal reports are prepared and presented to the Ministry of Finance and Public Service and other stakeholders.

It is responsible for the closure of all non-revenue Government bank accounts to the Treasury Single Account; the issuance of authority for the opening and closing of accounts; the management of Government's banking arrangements to consolidate the vast majority, if not all Government accounts in a single account or a set of linked accounts to permit a daily consolidated view of Government's cash balances; and to ensure that revenues due to the Government are paid into the Treasury Single Account / Consolidated Fund without delay.

KEY RESPONSIBILITIES

• Implement and maintain systems and processes that ensure the safe custodianship of government shareholdings, safeguarding the value and integrity of the Government’s equity investments
• Ensures that assets are properly recognised, measured and carried in the books;
• Maintains the shares register and ensures it is updated when new companies are formed or when Government divests its shareholdings;
• Ensures proper protocols are followed when removing or disposing of physical share certificates;
• Effects the necessary transfer when Government obtains an interest or no longer has interest in an entity;
• Engage with Government entities, including relevant stakeholders, to ensure transparent communication, proper reporting, and informed decision-making. Including liaising with Company Secretaries and Management to obtain available financial information and reports on the operations of government entities;
• Conduct detailed reviews of financial statements and other key financial information in accordance with IPSAS or International Financial Reporting Standards (IFRS) to assess the financial health of Government entities and ensure compliance with governance standards;
• Analyze information and prepare comprehensive reports in advance of the  General Meetings of Government entities;
• Ensures that the legal procedures for proper conduct of  General Meetings of Government entities are observed in accordance with the Companies Act and the respective Articles of Incorporation (also known as Articles of Association);
• Ensure that corporate governance best practices are followed from a government shareholder perspective.
• Attends Annual General and Extra-ordinary General meetings along with or in the absence of the Assistant Accountant General, Banking Arrangements and Government Shareholdings;
• Liaise with the Ministry of Finance to ensure that any decisions or actions related to Government entities are in line with the Government's strategic objectives and financial regulations and policies.
• Ensures that dividends due to the Consolidated Fund/TSA are paid over;
• Raises relevant questions regarding the operation of Government entities;
• Prepares and submits the Statement of Capital Investments of the Consolidated Fund/TSA;
• Liaises with Auditors to ensure queries are address in a timely manner;
• Planning, executing, and overseeing investment projects
• Ensure proper recognition, measurement, and handling of assets, including revaluation and write-offs.
• Any other related duty that may be assigned from time to time.

Minimum Qualifications and Training

• Bachelor's Degree in Accounting/Management Studies with Accounting or BBA Degree from an accredited University or; ACCA Level 2 or Associate Degree in Accounting, MIND, along with the Diploma in Government Accounting, MIND.

Essential Experience and Knowledge

• At least five (5) years' experience in a related field;
• At least two (2) years of experience working at the management level in Accounting or Finance;
• Knowledge of Accounting practices and Applications;
• Strong background in reviewing and analysing financial statements under International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS);
• Working knowledge of Public Bodies Management and Accountability (PBMA) Act
• Strong knowledge of Corporate Governance Practices and the Companies Act

Desirable

• Knowledge of the Crown Property (Vesting) Act, FAA Act, and Financial Instructions

Competencies

The incumbent is a public servant who represents the Government at all times; and is expected to work with a team of professionals in realizing the goals and objectives of the Department, in a highly dynamic environment. The following competencies are required for the effective performance of this job:

• Accounting and Reporting
• Knowledge of Legislations, Policies and Procedures
• Leadership
• Emotional Intelligence
• Performance Management

SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

Physical Demands

-        Pressured working conditions with numerous critical deadlines

Work Environment

-        Normal office conditions