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.
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. 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.
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. 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. Type of Limitation: National treatment (Article 29) Legal Citation: Description: More favourable treatment may be accorded to New Zealand nationals and permanent residents in respect of ownership of enterprises currently in State ownership.
Privatisation. A wave of economic transformation under the banner of ‘privatization’, is sweeping through Africa, just as the Eastern Europe and Latin America felt with the transformation of the Eastern Bloc. The Nigerian Government, through the Bureau for Public Enterprises (BPE), is currently disengaging from the ownership and control of key government enterprises including the Nigeria Airways Limited and some aviation service providers. What then is privatization? In its most idealized version, Chibundu (1997,p.7), sees privatization as when “….a state divests itself completely of all interests in a commercial venture, and relegates its involvement in the affairs of that entity solely to that of an impartial regulator, leaving it to the ingenuities of profit-maximizing entrepreneurs to create national wealth.” There is no gainsaying the fact that a privatized Nigerian Airways Limited would have done better in the years past. The Federal Airports Authority of Nigeria (FAAN) is slated for privatization in 2004 and other aviation service providers like the Nigerian Airspace Management Agency (NAMA), the Nigerian Meteorological Agency (NIMET) and the Nigerian College of Aviation, (NCAT), Zaria will soon follow. Privatized Enterprises are likely to respond faster to the challenges to be heralded by deregulation, liberalization and Open Skies since government bureaucracy in decision making process would be minimized. Even the aviation regulators in Africa such as the Nigerian Civil Aviation Authority (NCAA) need a great deal of autonomy to perform better in their oversight functions. To be more specific on the benefits of privatization to the African National Air Carriers and the aviation service providers, let’s look at the immediate objective of privatization as put forward by Xxxxx(2001,p.1), “..may be to reduce the government deficit, raise cash from the sale of state-owned enterprise, or reducing external debt, while long-term objectives may be to increase productive efficiency, to acquire new technology, and to create employment opportunities.” These diverse objectives, according to Xxxxxxxx (1994, pp553-554), may be focused on three key issues: • “Intensifying market forces and increasing productivity, efficiency, quality and service in producing goods and services by removing government from business activities to the greatest possible extent – including services and infrastructure, as well as manufacturing and associated activities. • Generating new sources of fina...