The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved a series of significant board appointments across major public sector organizations, including the Trading Corporation of Pakistan (TCP), Pakistan Reinsurance Company Limited (PRCL), and the Small and Medium Enterprises Development Authority (SMEDA). The committee also reviewed reforms in the Scientific and Technological Development Corporation and called for improvements in the board appointment process of state-owned enterprises.
Chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb via video link, the meeting was held at the Ministry of Finance. It was attended by Federal Ministers Mian Riaz Hussain Pirzada (Housing and Works) and Jam Kamal Khan (Commerce), along with the SECP Chairman, federal secretaries, and senior officials from relevant ministries and institutions.
The committee reviewed and approved the Ministry of Commerce’s proposal to fill vacant positions on the board of TCP. Asim Aziz Siddiqui was endorsed as Chairman of the TCP Board, Ayesha Aziz was appointed as an Independent Director, and Shoaib Mir Memon was confirmed as Chairman of the PRCL Board.
Further, the committee directed all relevant ministries, including the Ministry of Finance, to review and improve the process of board appointments. It emphasized that the selection process must begin well in advance of any upcoming vacancies to avoid administrative gaps and ensure organizational continuity.
On the recommendation of the Ministry of Communications, the committee also approved the appointment of three ex-officio members to the Board of Directors of Postal Life Insurance Company Limited. It instructed the ministry to propose one of the independent directors as chairman to enhance the board’s effectiveness and advance decisions regarding the company’s restructuring and potential privatization.
In another development, the committee evaluated and approved the Ministry of Industries and Production’s proposal to reconstitute SMEDA’s board. Six independent directors from the private sector were appointed, representing all provinces and key sectors: Saif Ali Rustgar (Punjab), Mashhood Khan (Sindh), Usman Saifullah Khan (Khyber Pakhtunkhwa), Israr Khan Kakar (Balochistan), Asiya Sahil Khan (women’s representation), and Dr. Syed Zahoor Hassan (development sector).
Additionally, the committee was briefed on the restructuring of the Scientific and Technological Development Corporation of Pakistan, which will now operate under the new name “Institution for Research and Development in Applied Areas” (IRADA), in line with a previous committee decision.
Chairing the session, Senator Aurangzeb appreciated the reform initiative, stating that it aims to enhance the efficiency of the institution. He expressed confidence that IRADA will fulfill its mandate and play a meaningful role in advancing the national innovation system.
Source: PTV
