CCoSOEs approves appointment of 3 independent members to NHC

February 12, 2025 (MLN): The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the appointment of three independent members to the National Highway Council (NHC) in accordance with the State-Owned Enterprises (SOEs) Operation and Management Policy, 2023.

The committee meeting, chaired by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, was held at the Finance Division to discuss board nominations for various SOEs.

Regarding the board of Postal Life Insurance Company Limited (PLICL), a subsidiary of Pakistan Post under the Ministry of Communications, CC SOE directed to present an agenda along with recommendations for independent directors.

For Pakistan Reinsurance Company Limited (PRCL), which operates under the Ministry of Commerce, the committee endorsed the appointment of two principal candidates as independent directors according to the press release issued.

Additionally, the committee approved board appointments for Jinnah Medical Complex & Research Centre (JMC&RC) Company Limited, which falls under the Ministry of National Health Services, Regulations & Coordination.

The committee approved these nominations for board members with the observation that the SOEs law must be followed in letter and spirit, and relevant committees shall make concerted efforts to hire independent directors purely from the private sector.

The committee also reviewed the Annual Consolidated Performance Report of Commercial and Non-Commercial SOEs for FY 2023-24.

A presentation was given by an officer of the Finance Division, detailing the financial performance of loss-making and profit-making SOEs for the year.

The minister instructed relevant authorities to expedite the privatization process for loss-making entities to improve financial sustainability.

In the end, the committee discussed the Implementation of the Cabinet’s Decision on the categorization of four railway companies, the submission of their business and transition plans.

These companies included: Pakistan Railways Freight Transportation Company (PRFTC), Pakistan Railways Advisory and Consultancy Services (PRACS), Railway Constructions Pakistan Limited (RAILCOP), and Railway Estate Development & Marketing Company (REDAMCO).

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