Govt mandates governance training for SOE board members

October 25, 2025 (MLN): The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has directed that all government nominees on SOE boards must undergo mandatory corporate governance training within six months before assuming their responsibilities.

The decision was taken during a meeting of the Committee held at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The directive is aimed at improving professional standards and ensuring that board members are equipped to meet governance and compliance requirements under the SOEs (Ownership and Management) Policy, 2023.

The CCoSOEs also approved a series of key summaries from various ministries concerning board reconstitutions and governance reforms across several major entities, including the State Life Insurance Corporation of Pakistan (SLIC), Pakistan Television Corporation (PTVC), and the Pakistan Institute of Management (PIM).

The reconstitution of SLIC’s board, presented by the Ministry of Commerce, is designed to strengthen management and enhance corporate governance as part of the broader privatization strategy.

Similarly, the Ministry of Information and Broadcasting’s proposal for the new PTVC board aims to promote transparency and operational efficiency at the national broadcaster.

The Committee also approved a transition plan from the Ministry of Housing and Works for the dissolution of National Construction Limited and PEPAC, setting out a framework for the winding-up process and the management of residual functions.

In the energy sector, the Petroleum Division’s summaries on board nominations for Inter-State Gas Systems Limited (ISGSL), Pakistan State Oil (PSO), and Sui Southern Gas Company Limited (SSGCL) were approved.

The Committee further constituted a subcommittee chaired by the Minister for Petroleum to review the categorization of petroleum-sector SOEs as strategic or essential entities.

Additionally, the appointment of independent directors on the Board of Jinnah Medical Complex & Research Centre (JMC&RC) was approved to strengthen governance and operational oversight in the healthcare sector.

Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, along with federal secretaries and senior officials from relevant ministries and regulatory bodies, attended the meeting.

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