New Transparency Measures for Iran Economy Ministry Agencies

EghtesadOnline: In line with the government’s measures for boosting transparency and fighting corruption, Minister of Economic Affairs and Finance Masoud Karbasian has obligated all the ministry’s agencies –including the eight state banks–to present quarterly reports.

News ID: ۷۸۱۰۳۰

14 January 2018

In a directive expected to be implemented immediately, Karbasian has called on all the chief executives and deputies of banks, insurance companies and affiliated organizations, in addition to high-level provincial financial authorities, to provide detailed reports of their performance every three months, the Economy Ministry’s official news portal reported.

The reports will detail the performance and progression of all programs and measures undertaken by the aforementioned entities. The current directive draws on a previous one aimed at improving the health of the administrative system and safeguarding public law.

The directive is also aimed at a more effective implementation of articles and clauses included in the Law on Improving Health of the Administrative System and Combating Corruption, and the Law on Managing National Services, according to Financial Tribune.

The performance reports are to be presented “with the goal of increasing effectiveness, promoting transparency in providing information, increasing responsiveness, improving law abidance, optimizing the level of satisfaction and realizing the rights of people receiving services, boosting corporate culture and combating public-sector corruption,” the directive notified by Karbasian said.

The minister calls on all the heads and deputies of these entities to exert greater supervision over the implementation of measures and prioritize them in their managerial agenda.

Karbasian requires them to provide clear and comprehensive reports that also detail their executive programs and blueprints to the ministry periodically, which will be reviewed by a specialized committee.

New transparency and accountability measures have been put in place after several scandals involving hefty payments to executives rocked the nation in mid-2016. These, combined with President Hassan Rouhani’s pledges to fight systemic corruption, culminated in recent street protests that demanded a better management of the economy.

In order to attract more foreign investments, the government also asked all the listed companies as well as private and government-run banks to periodically disclose data regarding their financial statements and management decisions.