SCAC draws its mandate from section 26 & 27 State Corporations Act, Chapter 446, which states:

"26. (1) There shall be a Committee to be known as the State Corporations Advisory Committee which shall consist of-
(a) a chairman to be appointed by the President;
(b) the Permanent Secretary to the Treasury;
(c) the Director of Personnel Management;
(d) the Inspector-General (Corporations);
(e) eight other members appointed by the President.

(2) The Committee may co-opt any person for such purpose and for such period as it may determine.
(3) The President shall appoint a public officer to be secretary to the Committee.
(4) Subject to directions by the President, the Committee shall determine its own procedure.
(5) The members and the secretary of the Committee shall be paid out of public funds such remuneration and in such manner as the President may approve.

27. (1) The Committee shall advise on the matters and perform any functions it is required by this Act to perform and in addition shall-
(a) with the assistance of experts where necessary, review and investigate the affairs of state corporations and make such recommendations to the President as it may deem necessary;
(b) in consultation with the Attorney-General and the Treasury, advise the President on the establishment, reorganization or dissolution of state corporations;
(c) where necessary, advise on the appointment, removal or transfer of officers and staff of state corporations, the secondment of public officers to state corporations and the terms and conditions of any appointment, removal, transfer or secondment;
(d) examine any management or consultancy agreement made or proposed to be made by a state corporation with any other party or person and advise thereon;
(e) examine proposals by state corporations to acquire interests in any business or to enter into joint ventures with other bodies or persons or to undertake new business or otherwise expand the scope of the activities and advise thereon."

Ref: State Corporations Act, Chapter 446
       Revised Edition 2012[2010]