In a bid to strengthen State-Owned Enterprises (SOEs) governance, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved key board-level appointments of major SOEs.
The CCoSOEs met today (Monday) in Islamabad under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The committee considered summaries submitted by the Finance Division, Maritime Affairs Division, Petroleum Division, and the Industries and Production Division, and approved the agenda items presented.
These included the appointment of an independent director to the Board of Zarai Taraqiati Bank Limited (ZTBL), put forward by the Finance Division; the appointment of independent directors to the Board of Port Qasim Authority (PQA), Karachi, as proposed by the Maritime Affairs Division; and the nomination to fill the casual vacancy on the Board of Sui Northern Gas Pipelines Limited (SNGPL), submitted by the Petroleum Division.
The committee also approved three summaries of the Industries and Production Division, namely the constitution of the Board of Directors for Sindh Engineering (Pvt.) Limited (SEL), the appointment of a private sector member from Punjab to the Board of the Small and Medium Enterprises Development Authority (SMEDA), and the constitution of the Board of Directors of the State Engineering Corporation (SEC).
Aurangzeb appreciated the diligence exercised in selecting suitable candidates from the private sector to serve as independent directors, underscoring the importance of continuing this rigorous approach to ensure that individuals with the requisite experience, expertise, knowledge, and professional acumen are appointed to the governing boards of these and other state-owned enterprises.
The committee also asked the Finance Division and the Privatization Division to undertake a comprehensive examination, evaluation, and stock-taking of outstanding litigation across SOEs earmarked for privatisation, and, in coordination with the relevant Ministries and Law Division, to work on identifying mechanisms to smooth these issues to ensure their readiness for a seamless privatisation process.
The meeting was attended by Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Science and Technology Khalid Hussain Magsi, along with secretaries and senior officials from the relevant ministries, divisions, and regulatory bodies.