The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened a crucial meeting at the Finance Division today, where it approved several significant board-level appointments across various key state-owned entities.
The session was chaired remotely by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and attended by key cabinet members and senior officials, including Federal Minister for Housing and Works Mian Riaz Hussain Pirzada, Federal Minister for Commerce Jam Kamal Khan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), federal secretaries, and representatives from relevant ministries.
One of the primary items on the agenda was the approval of a proposal from the Ministry of Commerce for filling vacant board positions at the Trading Corporation of Pakistan (TCP). The Committee endorsed the nomination of Mr. Aasim Aziz Siddiqi as Chairman of the Board of TCP, with Ms. Ayesha Aziz also appointed as an Independent Director. Simultaneously, Mr. Shoaib Mir Memon was appointed as Chairman of the Board of Pakistan Reinsurance Company Limited (PRCL).
The CCoSOEs emphasized the need for a more structured and timely process for board appointments and advised relevant ministries—particularly the Finance Division—to streamline the nomination procedures. It recommended that appointment processes should be initiated well in advance of incumbents’ retirements to avoid governance gaps in critical state entities.
The Committee also approved the appointment of three ex-officio members to the Board of Directors of Postal Life Insurance Company Ltd, as proposed by the Ministry of Communications. Additionally, the Ministry was directed to submit a fresh summary nominating a Chairman from among the existing independent directors. This move is seen as a key step in making the Board functional and ensuring progress on the company’s restructuring and possible privatization, as it remains on the privatization list.
In another important decision, the CCoSOEs approved a proposal from the Ministry of Industries and Production concerning the reconstitution of the Board of Directors of the Small and Medium Enterprises Development Authority (SMEDA).
The Committee approved a panel of six private sector experts as independent directors, including Mr. Saif Ali Rastgar (Punjab), Mr. Mashood Khan (Sindh), Mr. Osman Saifullah Khan (KP), Mr. Israr Khan Kakar (Balochistan), Ms. Aasia Saail Khan (Women’s Representative), and Dr. Syed Zahoor Hassan (Development Sector).
To conclude the session, the Ministry of Science and Technology provided a detailed briefing on the restructuring of the Scientific and Technological Development Corporation of Pakistan, which has now been renamed Indigenous Research and Development Agency (IRADA), following a prior decision by the Committee. The rebranding and reorganization are aimed at enhancing the entity’s operational effectiveness and aligning it with national innovation objectives.
Chairman Senator Aurangzeb appreciated the Ministry’s reform initiatives and expressed confidence that IRADA would fulfill its envisioned mandate, playing a pivotal role in strengthening Pakistan’s indigenous research and technological advancement ecosystem.
