ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) that approved key board appointments, reviewed performance of SOEs and implementation of Cabinet decisions.
The meeting was attended by Federal Minister for Housing and Works Riaz Hussain Pirzada, the Attorney General of Pakistan, the Executive Director of the Securities and Exchange Commission of Pakistan (SECP), Federal secretaries, and senior officials from relevant ministries, divisions, and departments, a Finance Division news release said.
The committee discussed and approved the appointment of three Independent Members to the National Highway Council (NHC) in line with the SOEs (Operation and Management) Policy, 2023.
Regarding Board of Postal Life Insurance Company Limited (PLICL) – a subsidiary of Pakistan Post under the Ministry of Communications, CCSOEs directed to present agenda along with recommendations for Independent Directors.
For Pakistan Reinsurance Company Limited (PRCL), which operates under the Ministry of Commerce, the committee endorsed the appointment of two principal candidates as independent directors.
Additionally, the committee approved board appointments for Jinnah Medical Complex & Research Centre (JMC&RC) Company Limited, which falls under the Ministry of National Health Services, Regulations & Coordination.
The committee okayed these nominations for board members with the observation that the SOEs law must be followed in letter and spirit, with relevant committees making concerted efforts to hire independent directors purely from the private sector.
It also reviewed the Annual Consolidated Performance Report of Commercial and Non-Commercial State-Owned Enterprises (SOEs) for FY 2023-24.
A presentation was given by an officer of the Finance Division, detailing the financial performance of loss-making and profit-making SOEs for the year.
The minister instructed relevant authorities to expedite the privatization process for loss-making entities to improve financial sustainability.
At the end, the committee discussed the implementation of Cabinet’s decision on the categorization of four railway companies – submission of their business and transition plans. These companies included Pakistan Railways Freight Transportation Company (PRFTC), Pakistan Railways Advisory and Consultancy Services (PRACS), Railway Constructions Pakistan Limited (RAILCOP), and Railway Estate Development & Marketing Company (REDAMCO).
