The Cabinet Committee on State-Owned Enterprises approves new independent directors for Pakistan State Oil and a sovereign virtual assets company while deferring the proposed pharmaceutical export council for further consultations.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, has approved several board appointments and reviewed proposals concerning institutional development and public-sector organisations.
The meeting was held on Monday and attended by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, according to an official press release.
PSO Board to Get New Independent Directors
During the meeting, the committee approved a summary submitted by the Petroleum Division concerning the nomination of a female Independent Director to the Board of Management of Pakistan State Oil Company Limited (PSO).
The committee also approved the nomination of another Independent Member to the board. These appointments form part of the process to reconstitute PSO’s Board of Management following the completion of its previous statutory term.
The decisions are intended to facilitate the board’s restructuring and ensure the continuation of governance arrangements at the state-owned oil marketing company.
Pharmaceutical Export Council Proposal Deferred
The CCoSOEs also examined a proposal from the Ministry of Commerce to establish the Pakistan Pharma Export Promotion Council as a Section 42 company under the Companies Act, 2017.
The proposed organisation would operate under the administrative control of the Trade Development Authority of Pakistan (TDAP) and is intended to support the pharmaceutical sector’s export promotion efforts.
However, the committee deferred the proposal and instructed the ministry to hold further consultations with relevant stakeholders before submitting it again for consideration. No final approval was granted for the council’s establishment during the meeting.
Four Directors Approved for Digital Wallet Company
In another decision, the committee approved a Finance Division summary proposing the appointment of four Independent Directors to the Board of the Strategic Digital Wallet Company.
The company was established to manage, safeguard and administer Pakistan’s sovereign virtual assets. The approved appointments are part of the organisation’s governance arrangements.
Clean Environment Fund Company to Be Activated
The committee also approved a proposal submitted by the Ministry of Climate Change and Environmental Coordination to activate the Clean Environment Fund Company under the Pakistan Environmental Protection Agency.
The proposal includes the appointment of two ex-officio directors and three Independent Directors to the company’s board.
The organisation is intended to facilitate the mobilisation and effective utilisation of resources for environmental protection, conservation, rehabilitation and improvement initiatives.
The decisions reflect the committee’s ongoing role in reviewing governance structures, board appointments and institutional proposals involving state-owned entities and public-sector organisations.