Punuc
No. 4/2018
Et·rnnEs CoRPORATE GovERNANCE
Cap.10:31
(3) In the general exercise of the line Minister's responsibility under subsection
(2)(a), or upon a request made in writing to the head of the line :Ministry by the Unit to
investigate a particular alleged instance of non-compliance that has come to the notice
of the Unit (which request must be accomp.:1.nied hy any information at the disposal of
the Unit that supports the request), the line Minister may(a)
require the board or the chief executive officer of any public entity to
supply the line Minister with such information regarding the entity's
standard of compliance as the line Minister may reasonably require; and
(b)
send officers of the line Ministry to conduct such inspections and inquiries
at the offices of any public entity as the line Minister considers reasonably
necessary to assess the entity's standard of compliance.
(4) In any case wh<;re a line Minister declines to exercise his or her powers
under subsection (3), the Minister responsible for this Act may seek the leave of the
President to empower the Unit to do so, after the President has afforded the line Minister
a reasonable oppot1unity to exercise such powers or to make such representations on
the matter as the line Minister thinks fit or relevant (if the President gives leave to the
Unit to proceed, the Unit shall exercise the powers under subsection (3) as if references
to the line Minister and the line Ministry were substituted by references to the Minister
and the Unit).
(5) An officer of the line Ministry or of the Unit, as the case may be, may for
the purposes of subsection (2)(b) require any board member or employee of the public
entity concemed-(a)
to produce to the officer any documents relating to the entity's standard
of compliance that are in the person's custody or under his or her control;
and
(b)
to provide the officer with any information relating to the entity's standard
of compliance; and
(c)
to give the officer all reasonable assistance in connection with the officer's
inspection or inquiry.
(5) A person who(a)
provides the line Minister, the Unit or an officer of the line Ministry
or Unit (as the case may be) with false infom1ation for the purpose of
subsection (2) or (4), knowing it to be false or having no reasonable
grounds for believing it to be true; or
(b)
without just cause, fails or refuses to answer any question or provide any
information or produce any document when required to do so in terms of
subsection (2) or (3); or
(c)
hinders or obstmcts an officer of the line Ministry or Cnit (as the case
may be) in the exercise of the officer's duties under subsection (4);
shall be guilty of an offence and liable to a fine not exceeding level five or to
imprisonment for a period not exceeding six months or to both such tine and such
imprisonment.
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Application of other codes of corporate governance to public entities
Where a public entity is a company and required to comply with(a)
a code of good corporate governance prescribed under the Securities and
Exchange Act [Chapter 24:25] or any other enactment; or
(b)
the listing mles of any securities exchange;
it shall, to the extent that the requirements or standards concerned are more stringent
than those provided for under tllis Act, comply with such code and mles.
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