Cabinet Committee approves revamp of 4 railways SOE boards

December 05, 2024 (MLN): After deliberation, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) yesterday approved the reconstitution of the Boards of Directors (BoDs) of four Railway SOEs, including proposals for both ex-officio and independent directors.

The four SOEs, as recommended by the Board Nomination Committee (BNC), are Pakistan Railways Advisory and Consultancy Services (PRACS), Pakistan Railways Freight Transportation Company (PRFTC), Railways Estate Development and Marketing Company (REDAMCO), and Railways Construction Pakistan Limited (RAILCOP).

 Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the meeting of the Cabinet Committee at the Finance Division.

The Committee reviewed a summary from the Cabinet Division regarding the reconstitution of the Board of Directors of the Printing Corporation of Pakistan (PCP).

The Board, previously composed solely of ex-officio members, was required to include a majority of independent directors in accordance with the SOEs Ownership and Management Policy 2023.

After detailed discussions, the CCoSOEs approved the new composition of the board, which includes 5 independent directors, as recommended.

A summary from the Ministry of National Food Security and Research was considered, concerning the appointment of independent directors for two vacant positions on the Board of the Livestock and Dairy Development Board (LDDB). The Committee approved the proposal.

The Committee then reviewed a summary from the Ministry of Overseas Pakistanis and Human Resource Development regarding the reconstitution of the Board of Governors of the Overseas Pakistanis’ Foundation (OPF).

It was recommended to include two independent members on the Board, and the proposal was approved.

A summary from the Ministry of National Food Security and Research was presented regarding the appointment of independent directors on the Board of Directors of the Fisheries Development Board (FDB).

The Committee approved the nomination of 6 independent directors. The Ministry of National Food Security and Research also submitted a summary for the approval of the Board of Directors of the Pakistan Cotton Standards Institute (PCSI).

The CCoSOEs approved the appointment of 9 independent directors as recommended.

In addition, the Committee reviewed a summary from the Ministry of Finance regarding the State-Owned Enterprises’ (SOEs) financial performance for the first six months of the Financial Year 2024.

Discussions focused on financial performance, business plan analysis, risk analysis, corporate governance, and compliance. A presentation on these matters was delivered by the Finance Secretary.

The Committee concluded the meeting by reviewing the implementation of previous decisions made by the CCoSOEs to ensure compliance. The Director General Central Monitoring Unit (CMU) of the Finance Division gave the presentation.

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