CCoSOEs stresses good governance in SOE board composition
MG News | July 09, 2026 at 07:14 PM GMT+05:00
July 09, 2026 (MLN): The Cabinet Committee on State-Owned
Enterprises (CCoSOEs) has emphasized that the composition of Boards of
Directors of State-Owned Enterprises must remain fully aligned with good
governance principles and the provisions of the State-Owned Enterprises (Ownership
and Management) Act and Policy, including limiting representation from the
sponsoring Ministry or Division to one ex officio Director on each Board.
The Committee met at the Finance
Division under the chairmanship of Federal Minister for Finance and Revenue,
Senator Muhammad Aurangzeb, where it considered two summaries submitted by the
Petroleum Division relating to the constitution of the Boards of Directors of
Pakistan Petroleum Limited (PPL) and Saindak Metals Limited (SML), said a press
release issued.
The Committee also considered a
summary submitted by the Petroleum Division seeking exemption for specified
energy sector State-Owned Enterprises from the applicability of International
Financial Reporting Standards (IFRS-14 and IFRS-9).
The proposal was deferred, with the
Petroleum Division instructed to undertake further deliberations with the
Finance Division and the Law and Justice Division and submit a revised proposal
for consideration.
The Committee further approved a
summary submitted by the Maritime Affairs Division regarding the appointment of
an Independent Director on the Board of Pakistan National Shipping Corporation
(PNSC) against a vacant position.
It also considered a summary submitted
by the Ministry of Industries and Production regarding the categorisation of
the Small and Medium Enterprises Development Authority (SMEDA), approving the
proposal to exclude SMEDA from the list of State-Owned Enterprises in view of
its statutory and non-commercial nature.
The meeting was attended by Federal
Minister for Maritime Affairs, Mr. Muhammad Junaid Anwar Chaudhry, who
participated virtually, along with federal secretaries and senior officials
from the relevant ministries, divisions and regulatory authorities.
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