Job Description
UNICON is bidding for the ADB funded project in Maldives - Strengthening Privatization Committee and Assisting Privatization of Targeted State Owned Enterprises under a broader Economic Recovery Program (formerly Public Resource Management Reform Program).
The Program will (i) strengthen the fiscal management institutions, (ii) enhance and diversify the revenue base of the economy, (iii) contain expenditure pressures on the budget while strengthening the functions of government, (iv) reduce government involvement in the economy, and (v) establish market-based instruments to improve treasury management.
Component I of the program will assist the Government in Facilitating Privatization of SOEs.
Terms of Reference
1. As a team leader, the consultant’s tasks will include:
- Coordinate the inputs of all the consultants to develop an SOE privatization program, manage implementation of that program, and prepare all required reports.
- Coordinate with the designated government agency to ensure timely implementation of the reforms program; and
- Participate in discussions with ADB on the program’s progress, outcome, and outputs.
2. As the international SOE privatization and capacity building specialist, the consultant’s tasks will include:
- Finalize the privatization policy of SOE with a clear statement of intentions and to include guidelines on the privatization process.
- Improve existing privatization orders on the categorization framework of SOEs, guidelines for financial restructuring, and framing of a redundancy package.
- Strengthen functions and organizational structure of Public Enterprisers Monitoring and Evaluation Board (PEMEB) and the Public Private Partnership (PPP) Unit.
- Examine relevant international standards and best practices in SOE privatization reforms, with a view to incorporating the learning from these experiences into the Maldives program, and facilitate implementing SOE reform measures through coordinating the efforts of other specialists engaged in the assignment.
- For SOEs identified for privatization, recommend transaction structures, including to (a) evaluate the needs to bring in strategic partners; (b) recommend privatization strategies (i.e., sale of shares with management control to strategic partner, sale of shares through public offer, or combination of both); (c) propose quantities of government shares to be divested; (d) propose measures to enhance the enterprises’ attractiveness to prospective investors; and (e) identify investor categories to be targeted for divestment of shares.
- For SOEs identified to be restructured while being retained under Government ownership as part of the pilot phase, prepare administrative restructuring plans after considering the recommendations on business restructuring. Capacity building and administrative restructuring measures will include (a) developing new organizational structures based on the recommended business-restructuring measures; (b) recommendations on staffing requirements that include skill and competency requirements; (c) recommendations on compositions of boards of directors; (d) recommendations for introducing corporate governance; (e) recommendations on introducing staff performance evaluation mechanisms along with performance-based compensation mechanisms; and
- For SOEs identified for privatization through public offering, recommend (i) compositions of boards of directors, and (ii) measures for introducing corporate governance.
- For SOEs identified for privatization, recommend the transaction structure including (i) evaluating need for inducting a strategic partner; (ii) recommended privatization strategy i.e. sale of shares with management control to strategic partner, sale of shares through public offer or combination of both; (iii) quantum of Government shares to be divested; (iv) measures to be taken for enhancing the attractiveness of the enterprise to prospective investors; and (v) identifying investor categories to be targeted for divestment of shares.
Deliverables: The Team Leader will prepare and submit an inception report within 10 days during his or her initial mission to Maldives. The inception report will include a work plan that will show how the TL intends to implement the tasks outlined above. The inception report will also discuss how the TL’s work will be coordinated with the work of the Transaction Specialist and the Sector Specialists. The consultant will also submit a final report 15 days before the conclusion of his or her assignment for review by the Government and ADB. The consultant will make a presentation as needed on the results of the assignment. Based on any feedback from the Government and ADB, the consultant will prepare and submit a final report.
