The Fiji Sugar Corporation has defended its governance and financial oversight processes, rejecting calls for a special audit made by Opposition MP Viam Pillay.
In a statement, FSC said it respects the right of individuals to express their views but stressed that public discussion should be based on facts and an understanding of the Corporation’s existing governance framework.
“FSC respects the right of individuals to express their views on matters of public interest. Equally, it is important that public discussion is informed by facts and an understanding of the comprehensive governance, reporting and audit mechanisms that already exist within the Corporation.”
The Corporation said accountability is embedded throughout its operations through multiple layers of internal, independent and statutory oversight.
It said contrary to claims that its financial affairs are not adequately scrutinised, FSC is subject to continuous financial, operational and governance reviews throughout the year.
The Corporation says it has an established Finance and Audit Subcommittee that oversees financial reporting, internal controls, risk management and governance matters, while quarterly internal audits assess procurement, operational processes and compliance.
In addition, FSC said its financial statements are independently audited every year in accordance with statutory and professional auditing standards.
“These independent audits provide objective assurance on the Corporation’s financial reporting and reinforce the integrity of its governance processes.”
The Corporation also highlighted that its audited financial statements and Annual Report are reviewed at its Annual General Meeting before being tabled in Parliament and made publicly available.
FSC further noted that cane payments are independently audited under the Master Award, with grower representatives and an auditor from the Sugar Industry Tribunal involved in the process.
Responding to concerns about executive remuneration, FSC said salaries paid to executives and directors comply with statutory guidelines.
“FSC executives and Board are paid almost 30 to 40 per cent below the market rates as determined by an independent job evaluation report.”
The Corporation also rejected suggestions that it misuses growers’ funds, saying it only operates within the 30 per cent revenue share legally provided for under the Master Award.
While acknowledging ongoing public debate about the future of the sugar industry, FSC said it remains committed to transparency, accountability and improving operational performance.
“Should any competent authority require further examination of the Corporation’s financial records, FSC will continue to cooperate fully in accordance with the applicable legal and regulatory framework.”
