Director Government Shareholdings

Director Government Shareholdings

Job Title:                        Director Government Shareholdings

Post Number:                  1955  

Job Grade:                     FMG/PA 3

Department:                The Accountant General’s Department – A Department of the Ministry of Finance and the Public Service

1. 1.     STRATEGIC OBJECTIVE

The Government Accounting and Reporting Division is responsible for adoption and compliance with cash basis International Public Sector Accounting Standards (IPSAS); consolidated fiscal accounting and reporting; banking authorizations and arrangements; consolidation of Government cash resources; and oversight for Government shareholdings in public bodies. 

This division is the seat of Government accounting standards, ensuring that IPSAS are adhered to throughout the public sector; that effective financial systems and procedures are established throughout the public sector, are being consistently followed, and are in line with best practice and legal requirements; that Government accounts and reports are prepared according to set regulations, laws and guidelines; that the annual financial statements and  consolidated fiscal reports are prepared and presented to the Ministry of Finance and Public Service and other stakeholders.  

It is responsible for the closure of all non-revenue Government bank accounts to the TSA; the issuance of authority for the opening and closing of accounts; the management of Government’s banking arrangements to consolidate the vast majority, if not all Government accounts in a single account or a set of linked accounts to permit a daily consolidated view of Government’s cash balances; and to ensure that revenues due to the Government are paid into the TSA/ Consolidated Fund without delay.

1. 2.     JOB PURPOSE

The Government Shareholdings Officer is responsible for overseeing the shareholdings of the Government and accounting for all Government securities. The incumbent will implement systems that allow for the safe custodianship of share values and maintain an accounting of all Government investments in public bodies. The incumbent will administer the public sector investment policy, safeguarding the Government from undue risks.

Summary of the broad purpose of the position in relation to Government’s goals and strategies:          

• Implementation of public sector investment policy;
• Oversight for the share holdings of the Government and custodianship for all share value documents received in regards to those share holdings;
• Maintenance of accounting of all Government investments in public bodies. 

1. 3.     KEY OUTPUTS

• Government investments in public bodies monitored and accounts maintained;
• Register of Securities;                                                                                                                                                                     
• Statement of Capital Investments of the Consolidated Fund/TSA showing transactions for the year of Account, the securities held and the proportion of equity held on behalf of the Government at the end of the respective year (Statement F);
• Analysis of Financial Statements of various Government entities;
• Report on assets forfeited under forfeiture to the crown under the Dangerous Drugs Act.

1. 3.     KEY RESPONSIBILITIES

Technical

• Ensures that assets are properly recognised, measured and carried in the books;
• Ensures that revaluation, de-recognition, retirement and write-off of assets are done in accordance with IPSAS;

• Ensures required insurances are in place;
• Updates register when new companies are formed or when Government divests its shareholdings;
• Removes physical share certificates (where applicable) and submits to respective Company Secretary;
• Effects necessary transfer when Government no longer has interest in an entity;
• Liaises with company management and Secretary to obtain available Audit Management Reports on the operations of companies;
• Prepares briefs for Annual General Meetings;
• Ensures that the legal procedures for proper conduct of Annual General Meeting of Government entities are observed;
• Attends Annual General and Extra-ordinary General meetings along with/in the absence of the Director, Banking Arrangements and Government Shareholdings;
• Ensures that dividends due to the Consolidated Fund/TSA are paid over;
• Seeks clarification on aspects of Financial Statements;
• Raises relevant questions regarding the operation of Government entities;
• Prepares and submits statement of Capital Investments of the Consolidated Fund/TSA;
• Liaises with Internal Audit to verify statement prior to submission;
• Co-ordinates responses to related Audit Queries received by the Department.

Any Other Duties

• Any other related duty that may be assigned from time to time.

1. 4.     KEY PERFORMANCE INDICATORS

The job is successfully performed when:

• An effective monitoring system is in place for accounting for all Government investments in public bodies in compliance with the Crown Property Vesting (CPV) Act;
• The Register of Securities is maintained and is current;
• Required reports and financial statements are prepared in accordance with stipulated guidelines and timelines, and are IPSAS compliant;
• Proper maintenance of an Assets Register in accordance with IPSAS and the relevant Acts and regulations;
• Performance targets are met or exceeded;
• There is full compliance with all applicable standards, procedures, regulations and legislation.

1. 5.     MINIMUM REQUIREMENTS

1. Minimum Qualifications and Training

1. b.     Essential Experience and Knowledge

•  At least 3 years’ experience in a related field with at least two (2) years in a similar position;
• Knowledge of Accounting practices and applications;
• Knowledge of international Public Sector Accounting Standards IPSAS;
• Knowledge of Government Accounting;
• Knowledge of the Crown Property Vesting (CPV) Act, the FAA Act , and other relevant Acts and regulations.

3. Competencies

The incumbent is a public servant who represents the Government at all times; and is expected to work with a team of professionals in realizing the goals and objectives of the Department, in a highly dynamic environment.  The following competencies are required for the effective performance of this job:

• Managing the Client Interface:  Ability to work effectively with others, both internal and external to the Department, to deliver acceptable, customer-oriented and high quality service.
• Oral and Written Communication:   The ability to communicate proficiently orally, in writing, and in one- on- ones face- to- face, with excellent public speaking skills. 
• Collaboration and Team Work:  The ability to be a collaborative business leader, and an inspiring professional who shows a genuine intention to participate and work co-operatively with others in pursuit of team goals.
• Performance Management: The ability to align resources, systems, standards and activities to effectively, efficiently and consistently meet the goals and strategic objectives of the Department.
• Analytical Thinking, Decision Making, and Problem Solving: The capacity to analyze problems promptly, choose between alternatives, and effect meaningful solutions.
• Customer and Quality Focus: The ability to continuously ensure high standards of quality and service delivery to meet customers’ expectations.
• Integrity:  The ability to consistently demonstrate sound ethical standards, observe the codes of conduct for employees and codes of professional practice, and show consistency between established values and behaviors, in order to build trust and credibility.
• Interpersonal skills:  The ability to display sensitivity towards others, interact collaboratively with colleagues, and to build long term internal and external relationships and gain support to achieve desired objectives.
• Use of Technology: The ability to accept and implement information technology in work activities to enhance organisational performance.
• Change Management:  The ability to maintain effectiveness in a changing environment and the willingness to respond quickly and positively to change, and to lead others through change and manage their concerns.
• Emotional Intelligence:  Possession of self-awareness, self-management, social awareness, and social skills – The ability to display behaviors appropriate to the AGD’s business and social environment.
• Ability to work effectively under pressure

1. 6.     SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

Physical Demands

Pressured working conditions with numerous critical deadlines

Work Environment

Normal office conditions