ISLAMABAD: The federal cabinet has approved the re-merger of the National Security Printing Company, a state-owned entity, with the Pakistan Security Printing Corporation, which operates under the State Bank of Pakistan’s ownership.
This decision follows the earlier endorsement by the Cabinet Committee on State-Owned Enterprises (CCOSOEs) during its meeting on August 5, 2024. The matter was subsequently forwarded to the cabinet for final approval.
The cabinet ratified the merger after reviewing a summary presented by the Cabinet Division. Alongside this, it also sanctioned the appointment of three female members to the Privatisation Commission (PC) board, aiming to strengthen the commission’s oversight and align with the government’s five-year privatisation strategy.
The Privatisation Division highlighted that the Privatisation Commission was established under the Privatisation Commission Ordinance, 2000, with Sections 6 and 7 outlining the composition and appointment process of its board members. Section 6(1) grants the board authority over the management and administration of the commission’s affairs, specifying the inclusion of the chairman, secretary, and other members as determined by the federal government.
In line with Section 7(1), the prime minister is responsible for appointing the chairman, secretary, and members of the commission. The federal cabinet had previously decided, in meetings held on July 19, 2023, and August 3, 2023, that the board should consist of eight members with a tenure of three years. These appointments were made through official notifications issued on August 4, 2023, September 27, 2023, and June 28, 2024.
On Women’s Day 2024, the prime minister announced the Women Empowerment Package 2024, which mandates 33% female representation on all federal boards, statutory bodies, public sector organisations, and allied committees. This directive was communicated by the Cabinet Division.
Currently, only one female member serves on the Privatisation Commission board, representing just 12.5% of the total membership. To comply with the prime minister’s directive, a meeting was held on July 3, 2024, chaired by the cabinet secretary, reiterating the need for 33% female representation on the board.
The cabinet was informed that the Privatisation Commission has devised a five-year plan (2024-29) with several significant transactions nearing completion. It was stressed that board members play a crucial role in approving various stages of transactions and serving on multiple committees, resulting in a substantial increase in their workload. Therefore, expanding the board’s membership would not only facilitate smoother execution of privatisation deals but also ensure compliance with the government’s gender representation mandate.
The Privatisation Division proposed the appointment of three additional female members under Section 7(1) of the Privatisation Commission Ordinance, 2000, subject to the federal government’s approval. The cabinet approved the proposal and directed that diversity of experience and subject matter expertise be considered in these appointments.
