CCoSOEs approves key appointments in state-owned entities

August 06, 2025 (MLN): The Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved several board-level appointments across various state-owned entities during a meeting.

These include the Trading Corporation of Pakistan (TCP), Pakistan Reinsurance Company Limited (PRCL), Postal Life Insurance Company Ltd, and the Small and Medium Enterprises Development Authority (SMEDA).

The meeting was held today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, who participated in the proceedings remotely.

The session was attended by Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Commerce Jam Kamal Khan, Chairman SECP, federal secretaries, and senior officials from relevant ministries and departments.

During the meeting, the Committee considered and approved a proposal from the Ministry of Commerce for filling vacant positions on the Board of TCP.

The Committee endorsed the nomination of Mr. Aasim Aziz Siddiqi as Chairman of the Board of TCP, Ms. Ayesha Aziz as Independent Director, and Mr. Shoaib Mir Memon as Chairman of the Board of PRCL.

It also advised relevant ministries, including the Finance Division, to review and streamline the appointment process for board positions in state-owned enterprises and recommended initiating the process well in advance of incumbents' retirement.

The Committee approved the appointment of three ex-officio members to the Board of Directors of Postal Life Insurance Company Ltd, as proposed by the Ministry of Communications.

The Ministry was directed to submit a summary for the nomination of the Chairman of the Board from among the four independent directors already serving, according to the press release issued today.

This step aims to make the Board functional and enable decisive progress on the entity’s restructuring and potential winding-up, as it remains on the privatization list.

Furthermore, the Committee reviewed a proposal from the Ministry of Industries and Production regarding the reconstitution of the Board of Directors of SMEDA.

It approved a panel of six private sector members for appointment as independent directors, including Mr. Saif Ali Rastgar (Punjab), Mr. Mashood Khan (Sindh), Mr. Osman Saifullah Khan (Khyber Pakhtunkhwa), Mr. Israr Khan Kakar (Balochistan), Ms. Aasia Saail Khan (representing women), and Dr. Syed Zahoor Hassan (development sector).

The meeting concluded with a briefing by the Ministry of Science and Technology on the restructuring and renaming of the Scientific and Technological Development Corporation of Pakistan.

The entity is now called the Indigenous Research and Development Agency (IRADA), in line with a prior decision of the Committee.

The Chair appreciated the reform initiative, noting that the objective of the restructuring was to enhance the organization’s effectiveness and expressed hope that IRADA would fulfill its envisioned mandate and contribute meaningfully to the national innovation ecosystem.

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