ISLAMABAD: The Cabinet Committee on State Owned Enterprises (CCoSOEs) here on Monday approved board-level appointments across key public sector entities, including ZTBL, Port Qasim Authority, SNGPL, Sindh Engineering (Pvt.) Limited, SMEDA and the State Engineering Corporation.
According to a press release issued by finance ministry, the meeting of the cabinet committee was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb and 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.
The Committee approved summaries submitted by the Finance Division, Maritime Affairs Division, Petroleum Division.
It approved 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, 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).
Concluding the meeting, the finance minister 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 privatization, and, in coordination with the relevant Ministries and Law Division, to work on identifying mechanisms to smoothen these issues in order to ensure their readiness for a seamless privatization process.
