A report from an independent expert recommending that the Isle of Man Post Office becomes a Government-owned company will be presented to Tynwald in April.
The move from statutory board status to a corporate structure would give the Post Office more commercial freedom to grow its profitable international business, according to postal services consultant Elmar Toime.
The change would be good for the Manx economy and for the long-term viability of the Post Office, says Mr Toime. It would mean less political involvement in the operation of the service, but Government would retain 100% ownership and set aims and objectives through a memorandum of understanding requiring Tynwald approval.
The Toime report was commissioned by the Cabinet Office. If its recommendations are supported at the April sitting, the change would require a small amendment to the Post Office Act. Following that, there would be a transition period for the powers and responsibilities of the statutory board to be transferred to a new limited company, owned by Treasury as shareholder and led by a non-political board of directors.
Corporatisation of the Isle of Man Post Office is backed by the Council of Ministers and by the Post Office Board. The move was recommended in the 2006 Review of the Scope and Structure of Government and in the follow-up review in 2012.
Mr Toime's report on Governance Structure for the Isle of Man Post Office can be found here
Issued By: The Cabinet Office
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