Privatisation. Privatisation can help to make the economy more efficient and to reduce public debt. While the privatisation process has come to a standstill since the beginning of the year, the Government has now committed to proceed with an ambitious privatisation program and to explore all possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds. To preserve the on-going privatisation process and maintain investor interest in key tenders, the Hellenic Republic commits to proceed with the on-going privatisation programme. The Board of Directors of the HRADF has already approved its Asset Development Plan (ADP) which includes for privatisation assets under HRDAF as of 31/12/2014. The implementation of this programme aims to generate annual proceeds (excluding bank shares) for 2015, 2016 and 2017 of EUR 1.4bn, EUR 3.7bn and EUR 1.3bn, respectively. As prior action, and to re-launch the privatisation programme the Government will adopt these measures:
i. The authorities will endorse the Asset Development plan approved by HRADF on 30/7/2015. The ADP is attached to this Memorandum as annex and constitutes an integral part of this agreement. The ADP will be updated on a semi-annual basis and approved by HRADF; and the Cabinet or KYSOIP will endorse the plan;
ii. The Government and HRADF will announce binding bid dates for Piraeus and Thessaloniki ports of no later than end-October 2015, and for TRAINOSE ROSCO, with no material changes in the terms of the tenders;
iii. The authorities will take irreversible steps for the sale of the regional airports at the current terms with the winning bidder already selected;
iv. The authorities will conclude around 20 selected pending actions identified by HRADF. The Government commits to facilitate the privatization process and complete all needed Government actions to allow tenders to be successfully executed. In this respect it will complete all actions needed as agreed on a quarterly basis between HRADF, the institutions and the Government. The List of Government Pending Actions has been approved by the Board of Directors of the Hellenic Republic Asset Development Fund and is attached to this Memorandum as an Annex and constitutes an integral part of this agreement. In line with the statement of the Euro Summit of 12 July 2015, a new independent fund (the “Fund”) will be established and have in its possession valuable Greek assets. The overarching objective of the Fund is to ma...
Privatisation. The Parties further acknowledge that where it is intended that an Authority will be sold to private investors, resulting in a change of Control of the Government, the Government agrees to give notice to the Project Company one hundred and fifty (150) Business Days prior to the event. Except as otherwise expressly provided in this Agreement, the Parties agree that such change of Control will neither affect in any way the rights or obligations of, nor give rise to any rights in favour of any Party under this Agreement.
Privatisation. In order to promote job security of employees, it is agreed that the privatisation of a Government entity may only occur where: (a) the entity does not perform a role central to the functions of Government; and (b) disadvantaged groups would not be negatively affected by the privatisation; and (c) a social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale.
Privatisation. In order to promote job security it is agreed that the privatisation of a government entity may only occur if all of the following apply: The entity does not perform a role central to the functions of government. Disadvantaged groups would not be negatively affected by the privatisation. A social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale. In the event that privatisation of an ACTPS directorate or a service or services currently supplied by an ACTPS directorate is under consideration, consultation must occur on the implications for employees and the relevant directorate from these proposals. Where such privatisation is under consideration, the ACTPS must provide the necessary reasonable resources to develop an in-house bid and this bid must be prepared either off site or on site as determined by the head of service and subject to consideration on equal terms to any other bid. An independent probity auditor must be appointed by the head of service to oversee the assessment of the in-house bid. Workplace Values and Behaviours Introduction All employees have a common interest in ensuring that workplace behaviours are consistent with, and apply the values and general principles set out in Division 2.1 of the PSM Act and the ACT Public Service Code of Conduct and Signature Behaviours. This involves the development of an ethical and safe workplace in which all employees act responsibly and are accountable for their actions and decisions. Behaviours that are not consistent with public sector values, principles and conduct including but not limited to bullying, harassment and discrimination of any kind will not be tolerated in ACTPS workplaces. It is recognised that bullying, harassment and discrimination in the workplace has both emotional and financial costs and that both systemic and individual instances of bullying and harassment are not acceptable. The following provisions of Section G contain procedures for managing workplace behaviours that do not meet expected standards and management of misconduct. These provisions for managing workplace behaviours and values promote the principles of natural justice and procedural fairness. Any misconduct, underperformance, internal review or appeal process under the previous enterprise agreement that is not completed as at the date of commencement of this enterprise agreement will be completed under the previous enterprise agreement. Any right of appeal ...
Privatisation. The Borrower shall not enter into any agreement or arrangement (i) for the privatisation of the Promoter or to change its ownership interest in the Promoter into any private form or (ii) pursuant to which the Promoter would cease to be wholly owned and controlled by the Borrower or (iii) to change the capital structure of the Promoter, in each case without prior consultation with and the prior written consent of the Bank. Compliance with laws The Borrower shall comply in all respects with all laws to which it or the Project is subject where failure to do so results or is reasonably likely to result in a Material Adverse Change.
Privatisation. With a view to swiftly attracting investment to support a sustained economic recovery, complete by end-2019 the transactions on Egnatia, DEPA commercial, regional ports of Alexandroupoli and Kavala, AIA shares, EYDAP and EYATH. Sale of 30% of Athens International Airport: The tendering process is proceeding well. On 31 January 2020, the Board of Directors of the Hellenic Republic Asset Development Fund (TAIPED) decided that nine investment parties are qualified to proceed to the Binding Offers Phase, thus effectively launching this phase. The financial closing of the transaction is expected before the end of the year. Public Gas Corporation: The necessary legislation for the partial demerger of the company and the sale of the full stake of the Asset Development Fund in the company (i.e. 65%) was adopted in November 2019. The international tender process for DEPA Infrastructure was launched on 9 December 2019, whereby the Fund and Hellenic Petroleum are acting as co-sellers (offering 100% of the share capital of DEPA Infrastructure). The international tender process for the sale of 65% of the share capital of DEPA Commercial was launched on 23 January 2020. Egnatia: Three frontal toll stations were put into operation, while a detailed roadmap was provided to the institutions, with a specific timetable for the implementation of all required pending actions by May 2020. The implementation of the roadmap has started, and it will be key to build on the progress and take all necessary steps well in time before the revised deadline for the submission of binding offers on 26 June 2020. Regional Ports: The authorities are positive with respect to providing flexibility of choice on the privatisation transaction structure (i.e. sub-concession, sale of equity) so as to allow the best privatisation transaction structure to be chosen for each port. The relevant legal amendment was adopted by Parliament on 12 February, whereas the Asset Development Fund has started the process for recruiting external consultants for the sale of equity for four ports.
Privatisation. In order to promote job security it is agreed that the privatisation of a government entity may only occur if all of the following apply: The entity does not perform a role central to the functions of government. Disadvantaged groups would not be negatively affected by the privatisation. A social impact statement has been completed which indicates that there is a demonstrated public benefit from the sale. In the event that privatisation of an ACTPS directorate or a service or services currently supplied by an ACTPS directorate is under consideration, consultation must occur on the implications for employees and the relevant directorate from these proposals. Where such privatisation is under consideration, the ACTPS must provide the necessary reasonable resources to develop an in-house bid and this bid must be prepared either off site or on site as determined by the head of service and subject to consideration on equal terms to any other bid. An independent probity auditor must be appointed by the head of service to oversee the assessment of the in-house bid.
Privatisation. Provide resources for in-house bid Where privatisation is under consideration, provide the necessary reasonable resources to develop an in-house bid and this bid will be prepared either off site or on site as determined by the delegate and subject to consideration on equal terms to any other bid. An independent probity auditor will be appointed by the delegate to oversee the assessment of the in-house bid. Staff EAs Subclause G7.3 D-G Teaching Staff EA Subclause G7.3 Dispute Avoidance/settlement procedures Direct employee to perform his or her work Direct employee to perform other available work at the same workplace, or another workplace while the parties are trying to resolve the dispute having regard to subclause G2.17 (B) i, ii, iiii and iv. Staff EAs Subclause G6.17.2 A B C D E Teaching Staff EA Subclause G6.17.2 Section 16 – Executive Employment Records about SES member Keep records of SES members For each SES member, the head of service must keep a record of‑ (a) the SES member’s date of birth; and (b) the SES position in which the SES member is engaged; and (c) the day on which the SES member’s engagement started; and (d) the day on which the SES member’s engagement will end; and (e) any past employment as a public servant, including the days on which the employment started and ended. (Record about SES member) PSM Act 1994 Section 32 A
Privatisation. Privatisation is the first step and conceptually the simplest. The process is already underway. The sale of government-owned monopolies in Mexico, Chile, Argentina, Bolivia, Peru, Venezuela and Panama has shown that their investors are willing to pay a substantial price for the assets of a monopoly and to agree to invest extensively in developing the network when the conditions are right. However, privatisation does not automatically lead to competition. The trend in the Americas has been, in fact, to privatise the government monopoly while giving the new private-sector operator an exclusive right to provide local and, sometimes, long distance service for a number of years. Five of the countries mentioned (Argentina, Bolivia, Panama, Peru and Venezuela) have given buyers the right to be the exclusive providers of telecommunications services for some period of time, thus converting a public monopoly into a private one. The next step is to allow new service providers the legal opportunity to offer new services. In theory this is a fairly simple step but in practice it has generated considerable opposition from labour unions and political parties committed to maintaining the governments role in the provision of what are generally referred to as essential services.
Privatisation. Privatisation has recently become an increasingly important activity in many countries. Consequently, privatisation has been identified as a "special topic" in need for examination. This is an area where it might be possible for MAI to break new ground since privatisation as such is not presently subject to OECD rules. A large majority of participants in the Expert Group agrees in principle that national and most favoured nation treatment should apply to all phases of the privatisation process, giving foreign investors a right to participate. However, privatisations carried out via direct sales, as opposed to public offerings, have been identified as a potential problem in relation to the application of national treatment. Questions have also been raised concerning various measures which are seen by many as facilitating privatisation, but which according to others might reduce the opportunities of foreign investors (for example, the use of "special shares", management buy-outs, and other forms of participation programmes). It has also been suggested that a MAI provision on privatisation should contain tailor-made rules on transparency.
