Islamabad: A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) was held today at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The Committee considered and approved several important summaries presented by various ministries and divisions concerning governance reforms, board appointments, and the categorization of state-owned enterprises in line with the SOEs (Ownership and Management) Policy, 2023.

The CCoSOEs approved a summary from the Ministry of National Health Services, Regulations and Coordination regarding the appointment of independent directors on the Board of Jinnah Medical Complex and Research Centre (JMCandRC) Company Limited, aimed at strengthening governance and operational oversight.

A summary from the Ministry of Commerce concerning the reconstitution of the Board of Directors of the State Life Insurance Corporation of Pakistan (SLIC) was also approved to enhance corporate governance and support the broader privatization strategy.

The Committee considered and approved a transition plan from the Ministry of Housing and Works for the dissolution of National Construction Limited and Pakistan Environmental Planning and Architectural Consultants (Private) Limited (PEPAC), outlining the framework for efficient winding-up and management of residual functions.

A summary from the Ministry of Industries and Production regarding the reconstitution of the Board of Governors of the Pakistan Institute of Management (PIM), Karachi, was approved to improve professional and managerial training standards.

The Ministry of Information and Broadcasting also received approval for the reconstitution of the Board of Pakistan Television Corporation (PTVC), intended to strengthen corporate management and promote greater transparency at the national broadcaster.

Two summaries from the Petroleum Division were reviewed and approved. The first concerned the nomination of directors and members against casual vacancies on the boards of Inter-State Gas Systems Limited (ISGSL), Pakistan State Oil Company Limited (PSOCL), and the constitution of the board of Sui Southern Gas Company Limited (SSGCL). The Committee directed that all government nominees on SOE boards undergo mandatory corporate governance training within six months before assuming their responsibilities.

The second summary pertained to the categorization of petroleum SOEs as strategic and essential entities. A committee chaired by the Minister for Petroleum, including the Advisor to the Prime Minister on Privatisation, Secretary Petroleum, Secretary Finance, and Secretary Privatisation, was constituted to review the proposals and present recommendations to the CCoSOEs.

The meeting was attended by Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal, along with federal secretaries and senior officials from the concerned ministries, divisions, and regulatory institutions.