Cabinet Committee Greenlights Key Board Appointments, Reviews SOEs’ Performance

Islamabad: The Cabinet Committee on State-Owned Enterprises convened under Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, to approve significant board appointments and evaluate the performance of state-owned enterprises (SOEs). The meeting, held at the Finance Division, was attended by key government figures including the Federal Minister for Housing and Works, the Attorney General, and senior officials from relevant departments.

According to a statement by Press Information Department, the committee approved the appointment of three independent members to the National Highway Council, adhering to the SOEs (Operation and Management) Policy, 2023. The board nominations for the Postal Life Insurance Company Limited were also discussed, with directives to present a detailed agenda and recommendations for independent directors. The committee endorsed two candidates as independent directors for the Pakistan Reinsurance Company Limited.

The committee also approved board appointments for the Jinnah Medical Complex and Research Centre Company Limited. Emphasizing adherence to the SOEs law, the committee encouraged efforts to hire independent directors from the private sector. Additionally, the committee reviewed the Annual Consolidated Performance Report of Commercial and Non-Commercial SOEs for the fiscal year 2023-24.

A presentation from the Finance Division outlined the financial performance of both loss-making and profit-making SOEs. The Federal Minister urged authorities to accelerate the privatization process for loss-making entities to enhance financial sustainability. The meeting concluded with a discussion on the implementation of cabinet decisions regarding the categorization of four railway companies and their business and transition plans.

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