Islamabad (TDI): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Wednesday, where several key decisions were made regarding the reconstitution of boards for various state-owned entities.
The committee approved the inclusion of independent directors on multiple boards, including the Printing Corporation of Pakistan, Livestock and Dairy Development Board, and the Fisheries Development Board.
Discussions also covered the financial performance of State-Owned Enterprises (SOEs) for the first half of the 2024 fiscal year, with a focus on governance and compliance.
The meeting was attended by key government officials, including Minister for Planning Ahsan Iqbal, Minister for Commerce Jam Kamal Khan, Minister for Economic Affairs Ahad Khan Cheema, and Minister for Housing Mian Riaz Hussain Pirzada, along with senior officials from the Finance Division, the State Bank of Pakistan (SBP), and the Securities and Exchange Commission of Pakistan (SECP).
The committee reviewed several proposals, starting with the reconstitution of the Board of Directors of the Printing Corporation of Pakistan (PCP), ensuring compliance with the SOEs Ownership and Management Policy 2023 by appointing a majority of independent directors.
The committee approved the new board composition, which includes five independent directors.
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The meeting also addressed the appointment of independent directors for vacant positions on the Board of the Livestock and Dairy Development Board (LDDB), which was approved.
Similarly, proposals from the Ministry of Railways regarding the reconstitution of boards for four Railway SOEs were approved, following recommendations from the Board Nomination Committee.
Other matters discussed included the reconstitution of the Board of Governors of the Overseas Pakistanis’ Foundation (OPF), where two independent members were approved, and the appointment of six independent directors to the Fisheries Development Board (FDB).
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The committee also approved the nomination of nine independent directors for the Pakistan Cotton Standards Institute (PCSI).
Furthermore, the committee reviewed the financial performance of State-Owned Enterprises (SOEs) for the first half of the Financial Year 2024, with a focus on governance, risk management, and business plan analysis.
The meeting concluded with a review of the implementation of previous decisions to ensure compliance.
