A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) was held today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The Committee considered and approved a number of important summaries presented by various ministries and divisions concerning governance reforms, board appointments, and the categorization of state-owned enterprises in line with the SOEs (Ownership and Management) Policy, 2023.
The CCoSOEs reviewed and approved a summary submitted by the Ministry of National Health Services, Regulations and Coordination regarding the appointment of independent directors on the Board of Jinnah Medical Complex & Research Centre (JMC&RC) Company Limited to strengthen the institution’s governance and operational oversight.
The Committee also approved a summary from the Ministry of Commerce regarding the reconstitution of the Board of Directors of the State Life Insurance Corporation of Pakistan (SLIC) with the objective of enhancing corporate governance and ensuring effective management in line with the broader privatization strategy for the entity.
A summary from the Ministry of Housing and Works regarding the transition plan for the dissolution of National Construction Limited and Pakistan Environmental Planning and Architectural Consultants (Private) Limited (PEPAC) was also considered and approved. The plan outlines the framework for the efficient winding-up of both entities and the management of their residual functions.
The Committee approved another summary from the Ministry of Industries and Production concerning the reconstitution of the Board of Governors of the Pakistan Institute of Management (PIM), Karachi, aimed at improving professional and managerial training standards.
A summary from the Ministry of Information and Broadcasting regarding the reconstitution of the Board of the Pakistan Television Corporation (PTVC) was also approved. The reconstituted board is expected to reinforce corporate management and promote greater transparency in the operations of the national broadcaster.
Two summaries submitted by the Petroleum Division were also reviewed and approved. The first pertained to the nomination of directors and members against casual vacancies on the Boards of Inter-State Gas Systems Limited (ISGSL), Pakistan State Oil Company Limited (PSOCL), and the constitution of the Board of Directors of Sui Southern Gas Company Limited (SSGCL). The Committee directed that all government nominees on the Boards of Directors of state-owned enterprises must undergo mandatory corporate governance training within six months before assuming their responsibilities.
The second summary from the Petroleum Division related to the categorization of its state-owned enterprises as strategic and essential entities. The Committee discussed the matter in detail and constituted a committee chaired by the Minister for Petroleum, comprising the Advisor to the Prime Minister on Privatisation, Secretary Petroleum, Secretary Finance, and Secretary Privatisation, to review the proposals and present their recommendations to the CCoSOEs.
The meeting was attended by Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal, along with federal secretaries and senior officials from the concerned ministries, divisions, and regulatory institutions.