ISLAMABAD, Dec 4 (APP): Minister for Finance and Revenue Senator Muhammad Aurangzeb on Wednesday chaired a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) which approved different summaries including reconstitution of the Board of Directors for Printing Corporation of Pakistan (PCP), Pakistan Railways (PR) and Overseas Pakistanis Foundation (OPF).
The meeting was attended by Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Minister for Commerce Jam Kamal Khan, Minister for Economic Affairs Ahad Khan Cheema, Minister for Housing and Works Mian Riaz Hussain Pirzada, Minister for Science and Technology Dr Khalid Maqbool Siddiqui, Governor State Bank of Pakistan (SBP), Executive Director Securities and Exchange Commission of Pakistan (SECP), Federal Secretaries, and senior officers from the Finance Division, a news release said.
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 included five independent directors, as recommended.
The committee also approved a summary from the Ministry of National Food Security and Research, concerning the appointment of independent directors for two vacant positions on the Board of the Livestock and Dairy Development Board (LDDB).
Besides, it reviewed the summary of the Ministry of Railways regarding the reconstitution of Boards of Directors (BoDs) of four Railway SOEs, and okayed recommendations of the Board Nomination Committee (BNC) for the reconstitution of BoDs of 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) were approved.
The CCoSOEs approved 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) that recommended addition of two independent members on the Board.
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), which okayed the nomination of six independent directors.
It also approved the appointment of nine independent directors as recommended by the Ministry of National Food Security and Research in a summary for the approval of the Board of Directors of the Pakistan Cotton Standards Institute (PCSI).
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, following a detailed presentation by the Finance Secretary.
The committee concluded the meeting by reviewing the implementation of previous decisions made by the CCoSOEs to ensure compliance.
The presentation was given by Director General Central Monitoring Unit (CMU) of the Finance Division.