The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened in Islamabad on Monday to approve key appointments and review strategic measures for state-owned enterprises. Chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, the meeting focused on strengthening governance, ensuring competent leadership, and preparing selected enterprises for eventual privatization.
The session included Federal Ministers Ahsan Iqbal and Khalid Hussain Magsi, alongside senior secretaries and officials from relevant ministries, divisions, and regulatory bodies. The Committee reviewed submissions from the Finance, Maritime Affairs, Petroleum, Industries, and Production Divisions, approving several significant agenda items.
Among the approvals was the appointment of an independent director to Zarai Taraqiati Bank Limited (ZTBL), proposed by the Finance Division. The Maritime Affairs Division secured approval for independent directors to join the Port Qasim Authority Board in Karachi. Meanwhile, the Petroleum Division’s nomination to fill a casual vacancy on Sui Northern Gas Pipelines Limited (SNGPL) was also endorsed.
The Committee further greenlit three proposals from the Industries and Production Division; these included:
Concluding the meeting, the Finance Minister highlighted the importance of appointing private sector professionals with experience and expertise as independent directors. He emphasized that rigorous selection ensures capable leadership on state-owned enterprise boards.
The Committee also directed the Finance and Privatization Divisions to conduct a comprehensive review of pending litigation in SOEs targeted for privatization. They were tasked to coordinate with relevant ministries and the Law Division to resolve these issues and ensure a smooth transition for upcoming privatization initiatives.