Finance Minister Muhammad Aurangzeb-led committee clears appointments at PNSC and IRADA, approves PSO agreement for power distribution companies.
ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, has approved several important appointments and policy initiatives aimed at strengthening the governance framework of state-owned enterprises (SOEs).
The meeting, held at the Finance Division on Friday, was attended by Federal Minister for Commerce Jam Kamal Khan, Federal Minister for Science and Technology Khalid Hussain Magsi, and Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry. Senior officials, including federal secretaries and representatives from relevant ministries, regulatory bodies and state-owned entities, also participated in the session.
During the meeting, the committee reviewed a summary submitted by the Maritime Affairs Division regarding the appointment of Independent Directors to the Board of Directors of the Pakistan National Shipping Corporation (PNSC), Karachi. Following detailed discussions, the committee approved the proposed appointments in line with the provisions of the State-Owned Enterprises (Governance and Operations) Act, 2023, and the prescribed governance framework.
The CCoSOEs also considered a proposal presented by the Power Division concerning the Public Service Obligation (PSO) Agreement for the distribution companies under the power sector. The agreement seeks to ensure the timely formalisation of public service obligations in accordance with commitments made by the Government of Pakistan with international financial institutions. The committee granted approval to the proposal to facilitate compliance with agreed terms and conditions.
In another significant development, the committee approved a summary from the Ministry of Science and Technology regarding the appointment of directors to the Board of the Indigenous Research and Development Agency (IRADA).
Established in January 2026, IRADA was created to promote high-quality research and innovation in strategic sectors, including defence, industry and academia. The approval of board appointments is expected to strengthen the institution’s role in advancing indigenous research capabilities and supporting technological development in Pakistan.
The decisions taken by the CCoSOEs reflect the government’s continued focus on improving governance, enhancing institutional performance and ensuring greater transparency across state-owned enterprises.
