Parliament asked to approve salaries for members of privatization board

President has requested the parliament to approve salaries for the members of the Privatization and Co-privatization Board.

The Privatization and Co-privatization Board was established under State Business Privatization Act, the law introduced to monitor and evaluate privatization and co-privatization of State owned enterprises.

President Dr. Mohamed Waheed Hassan Manik communicated the request via a letter to the Speaker of the Parliament Abdulla Shahid, which proposed an amount of MVR 47,000 for the President of the board, which includes MVR 32,000 as salary and MVR 15,000 in allowances, and MVR 35,500 for the Vice President of the board, which includes MVR 20,500 as salary and MVR 15,000 in allowances, and an amount of MVR 8000 in allowances for the remaining 5 members of the board.

Article 8 of the State business privatization law states that the salaries for the members of the board shall be allocated by the President, following counsel from the parliament. It also states that a single term for a board to be 4 consecutive years.

The law states that the members of the board shall also be appointed by the president, following approval from the parliament.

Excluding the president and vice president, the members of the board will consist of professionals from the fields of accounting and finance, banking, business administration, law, and economics.

The law also requires the professionals to hold qualifications above level 7 of the government classifications, in addition to a minimum of three years of experience.