The Cabinet Committee on State Owned Enterprises met in Islamabad under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, to consider a range of appointments and board reconstitutions across federal enterprises. Present at the meeting were Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Science and Technology Khalid Hussain Magsi, and senior secretaries and officials from the relevant ministries and regulatory bodies.
The committee reviewed summaries submitted by the Finance Division, Maritime Affairs Division, Petroleum Division, and the Industries and Production Division and approved the agenda items presented. Among the approvals was the appointment of an independent director to the board of Zarai Taraqiati Bank Limited as proposed by the Finance Division, and the appointment of independent directors to the board of Port Qasim Authority, Karachi, following recommendations from the Maritime Affairs Division. The Petroleum Division secured approval for a nomination to fill a casual vacancy on the board of Sui Northern Gas Pipelines Limited.
The Industries and Production Division had three summaries approved, including the constitution of the board of directors for Sindh Engineering (Pvt.) Limited, the appointment of a private sector member from Punjab to the board of the Small and Medium Enterprises Development Authority, and the constitution of the board of directors of the State Engineering Corporation. These steps form part of ongoing efforts to strengthen governance across state-owned enterprises.
The Chair commended the thoroughness applied in selecting candidates from the private sector to serve as independent directors and stressed the importance of maintaining a rigorous selection process. Emphasis was placed on appointing individuals with the requisite experience, expertise, knowledge, and professional acumen to guide the governing boards of these and other SOEs.
In addition to appointments, the CCoSOEs directed the Finance Division and the Privatization Division to conduct a comprehensive examination, evaluation, and stock-taking of outstanding litigation involving SOEs earmarked for privatization. The divisions were asked to coordinate with the relevant ministries and the Law Division to identify mechanisms that can smooth out legal and procedural impediments and ensure these enterprises are ready for a seamless privatization process.
Committee decisions are expected to enhance board oversight and prepare several entities for future privatization moves, while the approved appointments aim to bring private sector governance experience into state-owned enterprises across the country.
