The Cabinet Committee on State-Owned Enterprises (CCoSOEs), led by Finance Minister Senator Muhammad Aurangzeb, has approved significant governance reforms affecting several major public sector organizations. The decisions are aimed at strengthening the management and oversight of state-owned enterprises to enhance their efficiency and support broader economic development.
Among the key actions, the committee endorsed the Ministry of Commerce’s recommendations for new appointments to the boards of the Trading Corporation of Pakistan (TCP) and Pakistan Reinsurance Company Ltd (PRCL). Mr. Aasim Aziz Siddiqi has been named as Chairman of TCP, with Ms. Ayesha Aziz joining as Independent Director. Mr. Shoaib Mir Memon has been appointed as Chairman of PRCL, reflecting a renewed focus on experienced leadership in these entities.
The committee also approved the appointment of ex-officio members to the Board of Postal Life Insurance Company Ltd, highlighting the need for a dedicated Chairman to oversee the company’s restructuring process. Furthermore, a diverse panel of private sector nominees has been cleared for the board of the Small and Medium Enterprises Development Authority (SMEDA), ensuring representation from all provinces, as well as from women and the development sector.
In addition, the restructuring of the Scientific & Technological Development Corporation into IRADA was reviewed, a move designed to boost Pakistan’s indigenous research and development capabilities.
Finance Minister Aurangzeb emphasized the necessity of streamlining the process of appointing board members for state-owned enterprises, urging that these procedures be initiated early to prevent administrative bottlenecks and delays. These steps are part of a broader effort to improve governance and operational efficiency in Pakistan’s public sector.
