The Cabinet Committee on State-Owned Enterprises (CCoSOEs) met today at the Finance Division under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The Committee considered two summaries submitted by the Petroleum Division relating to the constitution of the Boards of Directors of Pakistan Petroleum Limited (PPL) and Saindak Metals Limited (SML). Following deliberations, the Committee emphasized that the composition of the Boards of State-Owned Enterprises should remain fully aligned with the principles of good governance and the provisions of the State-Owned Enterprises (Ownership and Management) Act and Policy, including the principle of limiting representation from the sponsoring Ministry/Division to one ex officio Director on each Board.
The Committee also considered a summary submitted by the Petroleum Division seeking exemption for specified energy sector State-Owned Enterprises from the applicability of International Financial Reporting Standards (IFRS-14 and IFRS-9). The Committee deferred the proposal and instructed the Petroleum Division to undertake further deliberations with the Finance Division and the Law and Justice Division and submit a revised proposal for consideration.
The Committee further approved a summary submitted by the Maritime Affairs Division regarding the appointment of an Independent Director on the Board of Pakistan National Shipping Corporation (PNSC) against a vacant position.
The Committee also considered a summary submitted by the Ministry of Industries and Production regarding the categorisation of the Small and Medium Enterprises Development Authority (SMEDA). The Committee approved the proposal to exclude SMEDA from the list of State-Owned Enterprises in view of its statutory and non-commercial nature.
The meeting was attended by the Federal Minister for Maritime Affairs, Mr. Muhammad Junaid Anwar Chaudhry, who participated virtually, along with federal secretaries and senior officials from the relevant ministries, divisions and regulatory authorities.
