Good Governance at PMV

Dutch speaking chamber on December 13, 2016

The Court of Audit has examined whether the governance of the Participatiemaatschappij Vlaanderen (PMV) meets the requirements of good governance. PMV is a structurally complex investment company, which is responsible for the management of significant public funds. The Court has determined that the Flemish Government and PMV have already made some efforts to attain good governance, but more measures are still needed. The Flemish Government, for example, fulfills its role as owner insufficiently and does not clearly distinguish between its different roles as owner, client, policy maker and market regulator. Furthermore, the independence and competence of the various governing bodies are insufficiently guaranteed and those bodies only partly fulfil their assigned tasks. Finally, PMV lacks adequate internal control and transparency regarding its operations.