INTRODUCTION
1. This Management Statement and associated Financial Memorandum ( MS/ FM) has been drawn up by the Scottish Government's Transport Directorate (the sponsor Directorate) in consultation with Caledonian Maritime Assets Limited. The Management Statement sets out the broad framework within which Caledonian Maritime Assets Limited will operate while the Financial Memorandum sets out certain aspects of the financial framework in greater detail. The MS/ FM does not convey any legal powers or responsibilities.
2. The MS/ FM shall be reviewed and updated periodically by the sponsor Directorate, normally at least every 2-3 years.
3. Caledonian Maritime Assets Limited, or the sponsor Directorate, may propose amendments to the MS/ FM at any time. Any such proposals by Caledonian Maritime Assets Limited shall be considered in the light of the Scottish Ministers' strategic objectives and policy aims, operational factors and the track record of Caledonian Maritime Assets Limited itself. The guiding principle shall be that the extent of flexibility and freedom given to Caledonian Maritime Assets Limited shall reflect both the quality of its internal controls and its operational needs. The sponsor Directorate shall determine what changes, if any, are to be incorporated in the MS/ FM. Legislative provisions shall take precedence over any part of the MS/ FM.
4. Caledonian Maritime Assets Limited shall satisfy the conditions and requirements set out in the MS/ FM, together with all relevant requirements in the Scottish Public Finance Manual ( SPFM) and such other conditions as the Scottish Ministers / sponsor Directorate may from time to time impose. Caledonian Maritime Assets Limited are subject to the requirements of the Freedom of Information (Scotland) Act 2002. Any question regarding the interpretation of the MS/ FM shall be resolved by the sponsor Directorate after consultation with Caledonian Maritime Assets Limited.
5. Copies of the MS/ FM have been placed in the Scottish Parliament Reference Centre and published on the Scottish Government website. Copies shall also be made available on the Caledonian Maritime Assets Limited website and on request.
Graham M Laidlaw
Deputy Director
Ferries Division
Transport Directorate