Days leading to her departure former President Ellen Johnson Sirleaf issued a directive suspending government spending by autonomous agencies and public corporations
All public corporations
that trade their stocks in the United States must ensure that they comply to avoid the significant financial penalties and criminal charges that Sarbanes-Oxley imposes.
The government is finally making moves to limit the bestowing of executive positions at public corporations
and independent administrative agencies on retired top bureaucrats.
Critics of the Sarbanes-Oxley Act of 2002 have raised concerns far beyond the usual assessment of increased compliance costs or the increased challenge of attracting new board members for America's public corporations
Businesses, including public corporations
, may set up specific pension schemes for their own staff which they manage directly.
As administrative reform minister, Ishihara managed the committee promoting the privatization of the four highway public corporations
The creation of a public corporation
to take over postal services and the privatization of the highway-related public corporations
represent the first steps in this direction, but just as in the case of non-performing loan disposals in the banking sector, progress has been too slow.
Including five projects for which producers are asked for self-verification of inspection criteria in line with the responsibility system, the plan will allow private firms to take part in 60% of the projects currently conducted by public corporations
, the government said.
The only group that appears alarmed so far is his fellow pols and bureaucrats, who are stunned by proposals to trim pork-barrel spending, streamline services, and privatize the country's wildly inefficient public corporations
, the government-supported companies that handle the business generated by public policy--building bridges, digging for oil, and so forth.
Because their history runs counter to the current assumption that family-owned businesses are likely to be less efficient, less forward-thinking, and less profitable than public corporations
These recommendations are intended for adoption by all public corporations
regardless of size.