ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened on Tuesday, led by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division.
The committee focused on board appointments for various State-Owned Enterprises (SOEs) and approved key nominations. Notably, three independent members were appointed to the National Highway Council (NHC), following the guidelines of the SOEs (Operation and Management) Policy, 2023.
For the Board of Postal Life Insurance Company Limited (PLICL), a subsidiary of Pakistan Post, the committee directed that the agenda, including recommendations for independent directors, be submitted for review. In the case of Pakistan Reinsurance Company Limited (PRCL), operating under the Ministry of Commerce, two principal candidates for independent director roles were endorsed. Furthermore, the committee gave its approval for board appointments at Jinnah Medical Complex & Research Centre (JMC&RC), which is managed by the Ministry of National Health Services, Regulations & Coordination.
In all these appointments, the committee emphasized that the SOEs law must be strictly adhered to, and relevant bodies should prioritize recruiting independent directors from the private sector.
The committee also reviewed the Annual Consolidated Performance Report of Commercial and Non-Commercial SOEs for FY 2023-24. A detailed presentation highlighted both the financial successes and challenges of the year, with particular attention given to the performance of loss-making SOEs. Minister Aurangzeb urged the acceleration of privatization efforts for these loss-making entities to ensure their long-term financial viability.
Additionally, the committee addressed the implementation of the Cabinet’s decision regarding the categorization of four railway companies: 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). The committee reviewed their respective business and transition plans.
The meeting saw participation from Federal Minister for Housing and Works Mr. Riaz Hussain Pirzada, the Attorney General of Pakistan, the Executive Director of the Securities and Exchange Commission of Pakistan (SECP), and senior officials from relevant ministries and departments.
