The Securities and Exchange Commission of Pakistan (SECP) has launched a major crackdown on state-owned enterprises (SOEs) for failing to follow legal and regulatory requirements. Over 40 public sector companies have been issued notices for missing financial statements, not holding required meetings, or lacking proper leadership.
According to the SECP, 33 companies have not submitted their annual audited accounts, 26 failed to file annual returns, and seven did not hold mandatory Annual General Meetings (AGMs).
Four companies are operating without appointed Chief Executive Officers, and 48 SOEs have no female representation on their boards, highlighting gaps in leadership and inclusivity.
State Life Insurance Corporation has also not submitted its audited financial statements for 2024, prompting the SECP to demand immediate compliance.
The regulator has issued a total of 66 notices, including 41 show-cause notices, and has warned that legal action and penalties will follow for non-compliance.
To improve oversight, the SECP has established a dedicated monitoring wing to track the performance and governance of state-owned companies. The names of all non-compliant SOEs will be published on the SECP website for public accountability.
The list of non-compliant companies includes major public entities such:
- Postal Life Insurance Company Limited
- Pak Libya Holding Company (Private) Limited
- Energy Conservation Fund
- Devolution Trust for Community Empowerment
- Federal Liver Transplant Endowment Fund
- Pakistan Gems and Jewellery Development Company
- Karachi Garment City Company
- WAPDA Endowment Fund for Sports
- Fisheries Development Board
- National Disaster Risk Management Fund
- PHA Foundation
- Federal Government Employees Housing Foundation
- Overseas Pakistanis Foundation
- Pakistan Steel Mills Corporation (Private) Limited
- Peoples Steel Mills Limited
- Karachi Urban Transport Corporation Limited
- Pakistan Textile City Limited
- Sukkur Electric Power Company Limited
- GENCO Holding Company Limited
- Overseas Employment Corporation (Private) Limited
- Pakistan Mineral Development Corporation (Private) Limited
- Pakistan Railway Advisory and Consultancy Services Limited
- Pakistan Revenue Automation (Private) Limited
- Pakistan Television Corporation Limited
- Pakistan Tourism Development Corporation Limited
- Printing Corporation of Pakistan (Private) Limited
- Railway Constructions Pakistan Limited
- State Engineering Corporation (Private) Limited
- Telephone Industries of Pakistan (Private) Limited
- Utility Stores Corporation of Pakistan (Private) Limited
- Tribal Areas Electric Supply Company Limited
- Lakhra Power Generation Company Limited
- Hyderabad Electric Supply Company Limited
- Quetta Electric Supply Company Limited
- National Grid Company of Pakistan Limited (National Transmission and Dispatch Company)
- Jamshoro Power Company Limited
- Indigenous Research and Development Agency (IRADA) (Private) Limited (STEDEC Technology Commercialization Corporation of Pakistan (Private) Limited)
- Gujranwala Electric Power Company Limited
- National Engineering Services Pakistan (Private) Limited
- Saindak Metals Limited
- Power Planning and Monitoring Company (Private) Limited (formerly Pakistan Electric Power Company)
The SECP’s action comes amid longstanding concerns over weak governance, delayed reporting, and lack of accountability in public sector companies.
