Report questions company's corporate structures

Tynwald will have another chance to debate the Steam Packet Company next week, when a select committee presents its second report.

After hearing more evidence from senior management, and seeing the most up-to-date accounts from the Steam Packet, the five-strong committee will lay its report before the court.

Chaired by Speaker of the House of Keys Steve Rodan, the committee says it has no further recommendations for Tynwald, but its report questions the company’s corporate structures and future.

Jason Roberts reports (text, below, from attached audio file):

In its report, the committee says the way the group is structured requires high levels of sustained operating profit.

It notes that although the company has recorded substantial profits, much of that cash is spent on debts and financing.

There’s an element of praise as the document says the Steam Packet is living up to its side of the user agreement.

But there's also doubt over whether that will continue given the financial demands on the company.