MOU is a freely negotiated agreement between the public enterprise and the administrative ministry. Under the agreement the enterprises undertake to achieve the targets set in the agreement at the beginning of the year. The MOU covers both financial performance as well as non-financial performance. Under this system performance of the company is categorized into five categories namely: excellent,very good, good, fair, and poor.
All PSEs that have not been referred to the BIFR and are not insignificant in size are expected to sign an MOU.
The objectives of the MOU system are to:
1. Improve the performance of public enterprises by increasing autonomy and accountability of the management.
2. Remove the fuzziness in the goals and objectives the enterprise is to pursue through clearly laid down performance targets at the beginning of the year in an MOU entered into between Chief Executive and Secretary of the Administrative Ministry.
3. Enable the evaluation of managerial performance through objective criteria and provide a mechanism to reward good performance through performance incentives to stimulate improved performance.
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