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The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Tuesday convened under the leadership of Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, at the Finance Division.
Among the attendees were Federal Minister for Housing and Works Riaz Hussain Pirzada, the Attorney General of Pakistan, the Executive Director of the Securities and Exchange Commission of Pakistan (SECP), along with federal secretaries and senior officials from pertinent ministries, divisions, and departments.
The meeting commenced with discussions centered on nominations for various State-Owned Enterprises (SOEs) boards. Emphasizing adherence to the SOEs (Operation and Management) Policy of 2023, the committee deliberated and approved the appointment of three Independent Members to the National Highway Council (NHC).
For the Board of the Postal Life Insurance Company Limited (PLICL), a subsidiary under the Ministry of Communications, the CCoSOE directed the presentation of agendas and recommendations for Independent Directors.
Additionally, the committee endorsed the appointment of two principal candidates as independent directors for the Pakistan Reinsurance Company Limited (PRCL), under the Ministry of Commerce. Board appointments for the Jinnah Medical Complex & Research Centre (JMC&RC) Company Limited, falling under the Ministry of National Health Services, Regulations & Coordination, were also approved.
The committee underscored the importance of upholding the SOEs law in both letter and spirit, emphasizing the recruitment of independent directors exclusively from the private sector by relevant committees.
Further in the meeting, the Annual Consolidated Performance Report for Commercial and Non-Commercial SOEs for FY 2023-24 was reviewed. A detailed presentation by a Finance Division officer outlined the financial performance of both profit-making and loss-making SOEs during the year. The Minister urged expeditious privatization of loss-making entities to enhance their financial sustainability.
Concluding the session, the committee addressed the Implementation of the Cabinet’s Decision on the Categorization of Four Railway Companies, focusing on the submission of their Business and Transition Plans.
These companies encompassed the Pakistan Railways Freight Transportation Company (PRFTC), Pakistan Railways Advisory and Consultancy Services (PRACS), Railway Constructions Pakistan Limited (RAILCOP), and Railway Estate Development & Marketing Company (REDAMCO).
