The new user agreement with the Steam Packet is due to be revealed early next year.

Treasury Minister Alfred Cannan told this month’s Tynwald sitting that the Department of Infrastructure (DoI) would bring the proposed new agreement to parliament in January.

Mr Cannan said: ’The Minister for Infrastructure [Ray Harmer] now intends to bring a proposed new user agreement before the January sitting of this honourable court.

’The consultation and negotiation process is currently being undertaken in this respect.’

Tynwald voted to have the DoI present a new agreement proposal within a year of Treasury buying the Steam Packet. The deal was completed in May.

The public were invited to take part in a consultation on the user agreement, with more than 4,900 taking part, making it the biggest consultation response to date.

Mr Cannan also revealed the full plans for the financial restructuring of the Steam Packet will be brought to Tynwald ’no more than two sittings after the user agreement has been approved’.

However, before then, the shareholder agreement will be laid before November’s Tynwald sitting. The shareholder agreement will set out the relationship between the Steam Packet’s board ’including requirements for reporting and governance framework and financial decisions’.

Following his announcement, Mr Cannan was forced to defend the DoI being in charge of the creation of the new user agreement.

Douglas East MHK Chris Robertshaw said it was ’beginning to concern’ him that this department was in charge of the new agreement and sought assurance that government was leading the DoI rather than the other way round.

Mr Cannan responded: ’The development and agreement of the user agreement is a matter for the DoI.

’I am confident that they are considering in their assessment, their consultation and negotiation, both the operational requirements of the company and the potential economic impact or whatever is agreed under that user agreement.’

In response to a question from Ramsey MHK Lawrie Hooper, Mr Cannan said the shareholder agreement would not restrict the Treasury. Instead, it was to ’restrict the actions of the board of the Steam Packet in reaching certain decisions’.

The make-up of the Steam Packet’s new board will be decided by the end of the year with an advertisement being published seeking three new non-executive directors.

The role is described as ’to support the company with the development of sound strategy for the IOMSPCo which works towards the interests of government while also meeting the company’s performance targets’. The role is stated as requiring ’up to 24’ days a year with a remuneration of up to £20,000.

The closing date for applications is Friday, November 2.