The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Friday approved a Public Service Obligation (PSO) Agreement for power distribution companies (WX-DISCOs), a move aimed at formalising service commitments in line with Pakistan’s agreements with international financial institutions, while also clearing key board appointments at the Pakistan National Shipping Corporation (PNSC) and the Indigenous Research and Development Agency (IRADA).
Finance Minister Muhammad Aurangzeb chaired the meeting of the CCoSOEs at the Finance Division, which was attended by Federal Minister for Commerce Jam Kamal Khan, Federal Minister for Science and Technology Khalid Hussain Magsi, and Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, along with federal secretaries and senior officials from the relevant ministries, divisions, regulatory bodies and state-owned enterprises.
The committee considered a summary submitted by the Maritime Affairs Division regarding the appointment of Independent Directors on the Board of Directors of the Pakistan National Shipping Corporation (PNSC), Karachi.
After detailed deliberations, the committee approved the proposed appointments in accordance with the provisions of the State-Owned Enterprises (Governance and Operations) Act, 2023 and the applicable governance framework.
The committee also reviewed and approved a summary presented by the Power Division seeking approval of the Public Service Obligation (PSO) Agreement in respect of the WX-DISCOs for the timely formalisation of the public service obligations in light of the agreed terms and conditions of the Government of Pakistan with international financial institutions.
A summary submitted by the Science and Technology Division regarding the appointment of Directors on the Board of the Indigenous Research and Development Agency (IRADA), set up in January this year to lead quality research in the fields of defence, industry and academia, was also considered and approved.