ISLAMABAD (Dunya News) – Federal Finance Minister Muhammad Aurangzeb chaired a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Thursday, stressing the need to ensure transparent governance in the boards of public sector organisations.
According to an official statement, the committee reviewed matters relating to the boards of Pakistan Petroleum Limited (PPL) and Saindak Metals Limited in accordance with the law.
The committee decided that each state-owned enterprise (SOE) board would include only one representative from the relevant ministry, a move aimed at strengthening corporate governance and reducing conflicts of interest.
The meeting also deferred a proposal to exempt the energy sector from International Financial Reporting Standards (IFRS), directing the relevant authorities to revise the proposal before resubmitting it for consideration.
The committee approved the appointment of an independent director to the board of the Pakistan National Shipping Corporation (PNSC) as part of efforts to enhance independent oversight and governance.
In another key decision, the committee approved the removal of the Small and Medium Enterprises Development Authority (SMEDA) from the list of state-owned commercial enterprises, while maintaining its existing legal and non-commercial status.
The meeting was attended by federal ministers, secretaries and other senior government officials.