CCoSOEs Approves Key SOE Board Appointments, Urges Timely Reforms

CCoSOEs Approves Key SOE Board Appointments, Urges Timely Reforms

A meeting of the Cabinet Committee on State-Owned Enterprises (CCSOEs) was held today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Ishaq Dar, who participated in the proceedings remotely. The meeting was attended by Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Commerce Jam Kamal Khan, Chairman SECP, federal secretaries, and senior officials from relevant ministries and government departments. During the meeting, the Committee considered and approved a proposal from the Ministry of Commerce for filling vacant positions on the Board of Trading Corporation of Pakistan (TCP). The Committee endorsed the nomination of Mr. Aasim Aziz Siddiqi as Chairman of the Board of TCP, Ms. Ayesha Aziz as Independent Director, and Mr. Shoaib Mir Memon as Chairman of the Board of Pakistan Reinsurance Company Limited (PRCL). The Committee further advised the relevant ministries, including the Finance Division, to review and streamline the appointment process for board positions in state-owned enterprises. It is recommended to initiate the process well in advance of the incumbents’ retirement to avoid administrative delays and ensure continuity. The Committee also approved the appointment of three ex-officio members to the Board of Directors of Postal Life Insurance Company Ltd, as proposed by the Ministry of Communications. The Ministry was directed to submit a summary for the nomination of the Chairman of the Board from among the four independent directors already serving, to make the Board functional and enable decisive progress on the entity’s restructuring and potential winding-up, as it remains on the privatization list. Additionally, the Cabinet Committee reviewed a proposal from the Ministry of Industries and Production regarding the reconstitution of the Board of Directors of the Small and Medium Enterprises Development Authority (SMEDA). The Committee approved a panel of six private sector members for appointment as independent directors, including Mr. Saif Ali Rastgar (Punjab), Mr. Mashood Khan (Sindh), Mr. Osman Saifullah Khan (Khyber Pakhtunkhwa), Mr. Israr Khan Kakar (Balochistan), Ms. Aasia Saail Khan (representing women), and Dr. Syed Zahoor Hassan (development sector). The meeting concluded with a briefing by the Ministry of Science and Technology on the restructuring and renaming of the Scientific and Technological Development Corporation of Pakistan as the Indigenous Research and Development Agency (IRADA), in line with a prior decision of the Committee. The Chair appreciated the reform initiative, noting that the objective of the restructuring was to enhance the organization’s effectiveness, and expressed hope that IRADA would fulfill its envisioned mandate and contribute meaningfully to the national innovation ecosystem.