ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched a major crackdown on state-owned enterprises (SOEs) for failing to follow legal and regulatory requirements. Over 40 public sector companies have been issued notices for missing financial statements, not holding required meetings, or lacking proper leadership.
According to the SECP, 33 companies have not submitted their annual audited accounts, 26 failed to file annual returns, and seven did not hold mandatory Annual General Meetings (AGMs).
Four companies are operating without appointed Chief Executive Officers, and 48 SOEs have no female representation on their boards, highlighting gaps in leadership and inclusivity.
State Life Insurance Corporation has also not submitted its audited financial statements for 2024, prompting the SECP to demand immediate compliance.
The regulator has issued a total of 66 notices, including 41 show-cause notices, and has warned that legal action and penalties will follow for non-compliance.
To improve oversight, the SECP has established a dedicated monitoring wing to track the performance and governance of state-owned companies. The names of all non-compliant SOEs will be published on the SECP website for public accountability.
The list of non-compliant companies includes major public entities such:
Postal Life Insurance Company Limited
Pak Libya Holding Company (Private) Limited
Energy Conservation Fund
Devolution Trust for Community Empowerment
Federal Liver Transplant Endowment Fund
Pakistan Gems and Jewellery Development Company
Karachi Garment City Company
WAPDA Endowment Fund for Sports
Fisheries Development Board
National Disaster Risk Management Fund
PHA Foundation
Federal Government Employees Housing Foundation
Overseas Pakistanis Foundation
Pakistan Steel Mills Corporation (Private) Limited
Peoples Steel Mills Limited
Karachi Urban Transport Corporation Limited
Pakistan Textile City Limited
Sukkur Electric Power Company Limited
GENCO Holding Company Limited
Overseas Employment Corporation (Private) Limited
Pakistan Mineral Development Corporation (Private) Limited
Pakistan Railway Advisory and Consultancy Services Limited
Pakistan Revenue Automation (Private) Limited
Pakistan Television Corporation Limited
Pakistan Tourism Development Corporation Limited
Printing Corporation of Pakistan (Private) Limited
Railway Constructions Pakistan Limited
State Engineering Corporation (Private) Limited
Telephone Industries of Pakistan (Private) Limited
Utility Stores Corporation of Pakistan (Private) Limited
Tribal Areas Electric Supply Company Limited
Lakhra Power Generation Company Limited
Hyderabad Electric Supply Company Limited
Quetta Electric Supply Company Limited
National Grid Company of Pakistan Limited (National Transmission and Dispatch Company)
Jamshoro Power Company Limited
Indigenous Research and Development Agency (IRADA) (Private) Limited (STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited)
Gujranwala Electric Power Company Limited
National Engineering Services Pakistan (Private) Limited
Saindak Metals Limited
Power Planning and Monitoring Company (Private) Limited (formerly Pakistan Electric Power Company)
The SECP’s action comes amid longstanding concerns over weak governance, delayed reporting, and lack of accountability in public sector companies.
