Section 52Part 5 — Statutory Authorities and Government Companies
Annual reports
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Each statutory authority or government company (the "entity") shall, within two months after the end of each financial year (the "year") —
prepare an annual report for the year; and
submit the report to the Auditor General for review.
The report shall —
state details of the entity's activities during the year;
summarise the extent to which the ownership performance targets under the relevant ownership agreement were achieved during the year;
include the amount of the following during the year —
Cabinet equity investments into the entity;
Cabinet capital withdrawals from the entity;
Cabinet loans to the entity; and
the entity's dividends or profit distributions;
include details of any Cabinet guarantees relating to the entity made during the year;
include the entity's financial statements for the year; and
compare the actual performance shown by the financial statements with the performance proposed in the relevant ownership agreement.
The financial statements shall —
be prepared on a basis consistent with the forecast financial statements in the relevant ownership agreement; and
comply with Schedule 4.
For the Public Service Pensions Board, the financial statements are not to include financial statements for pension funds.
Subsection (4) applies despite any contrary requirement of a pensions Law.
The Auditor General shall, within two months after receiving the report, review it and express an opinion on the financial statements.
The entity shall, within five months after the end of the year, present the report and opinion to the Cabinet for review and noting.
After the Cabinet's review and noting, a member of the Cabinet appointed by it to do so shall present the report to the Cayman Islands Parliament to review at its next sitting.
In this section — "relevant ownership agreement" means the entity's ownership agreement under section 50 that includes the year, together with any amendments to that agreement under section 50(6) relating to the year.
Defined Terms
entityyearrelevant ownership agreement
Cross References
- Section 50 of Unknown
Referenced in relation to ownership agreements and amendments