Daily Times

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Saturday approved the summary of the Revenue Division regarding the reconstitution of the Board of Directors of Pakistan Revenue Automation private limited (PRAL) as per terms specified under the State Owned Enterprises Act 2023.

The meeting was met under the chairmanship of Minister for Finance and Revenue Senator Muhammad Aurangzeb (virtual), said a news release.

Earlier, the meeting considered the recommendation of five majority independent directors and four ex-officio members by the Board Nominations Committee as per Section (1) of Section 10 of the Enterprises (Governance and Operations) Act, 2023.

The meeting was told that all the five members recommended for positions of independent directors were drawn from the private sector and possessed vast relevant experience in top management positions besides having high-end professional qualifications, expertise and academic background in law, accountancy and management.

The meeting considered the summary and accorded strong endorsement to the proposal.

Muhammad Aurangzeb lauded the step to have majority independent directors in the Board, and complemented the selection of very prominent professionals from the SME sector to run the Board in a professional manner.

He hoped the new Board would be able to observe strong oversight and good management of PRAL to help achieve revenue generation goals.

The meeting was attended by Minister for Maritime Affairs Qaiser Ahmed Shaikh, Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial (virtual), Chairman Securities and Exchange Commission of Pakistan (SECP) Akif Saeed (virtual), federal secretaries, and senior officers from relevant ministries and departments.