Government entities of New Ingerland
Crown corporations are a type of government entity in New Ingerland's state sector.
Function and role
A crown corporation is a registered company wholly owned by the Crown, with management conducted at arms length of the government. Crown corporations are created by Act of Parliament, but are always subject to the Companies Act, in that they must abide by corporate governance and financial disclosure requirements. As such, a crown corporation is not part of the Civil Service, nor is it a crown statutory agency.
Crown corporations are reasonably rare in New Ingerland, in line with the hands off approach that most governments give to the private sector. Since the 1990s, a number of crown corporations have been fully privatised, thereby removing them from public ownership. Those that remain in public ownership are administered by the Deputy Minister for Crown Corporations, a junior ministry under the aegis of the Ministry of Finance
Types of crown corporation
There are presently two types of crown corporation operating in New Ingerland:
- Crown enterprise, is a business that competes in the private sector, (e.g. Telecom New Ingerland); and
- Crown monopoly, is an entity that operates without competition, but are expected to conduct themselves as a profit-making business, (e.g. Water Corporation).
References and notes
- ↑ Companies Act (Public Act No. 33 of 1961).