ISLAMABAD : The Cabinet Committee on State-Owned Enterprises (CCoSOEs) which metunder the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb has approved reconstitution of Boards of HESCO and SEPCO
The meeting was attended by the Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, along with Secretaries and senior officials from the relevant ministries, divisions, and regulatory bodies.
The Committee considered and approved a summary submitted by the Railways Division regarding the appointment of four independent and three ex-officio members to the Board of Directors of the Special Purpose Vehicle (SPV) for the Thar Coal Rail Connectivity Project, being executed jointly with the Government of Sindh. The proposed panel had earlier been examined and recommended by the Board Nomination Committee (BNC) and subsequently approved by the Prime Minister.
The Committee also reviewed and approved a summary by the Finance Division concerning the winding up of Sarmaya-e Pakistan Limited (SPL), in light of its redundancy following recent developments in the governance framework for state-owned enterprises.
On a summary submitted by the Petroleum Division seeking exemption from the applicability of International Financial Reporting Standards (IFRS-14 and IFRS-9) for Sui Northern Gas Pipelines Limited (SNGPL), Sui Southern Gas Company Limited (SSGC), and certain other energy sector SOEs, the Committee, after detailed deliberation, directed that the matter be further examined by a committee comprising officials from the Law Division, Securities and Exchange Commission of Pakistan (SECP), Petroleum Division, and Privatization Division, and be resubmitted for consideration.
The Committee further considered and approved a summary by the Petroleum Division regarding the reconstitution of the Board of Directors of Pakistan LNG Limited (PLL). The proposal, based on the recommendations of the Board Nomination Committee (BNC) and duly approved by the Prime Minister, was endorsed in accordance with the provisions of the SOEs Act, 2023.
Another summary from the Petroleum Division regarding the appointment of Independent Directors on the Board of Pakistan Petroleum Limited (PPL) was also taken up. The Committee noted that the provisions of the SOEs Act, 2023 were not applicable in this case and directed that the matter be referred directly to the Cabinet for consideration.
The Committee also approved a summary by the Power Division regarding the reconstitution of the Boards of Directors of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), following clearance of credentials and approval of the panel by the Prime Minister.
In addition, the Committee considered and approved a summary submitted by the Commerce Division for filling one vacant position of Independent Director on the Board of the Trading Corporation of Pakistan (TCP). The nomination was approved upon completion of the prescribed selection process and requisite vetting.
Concluding the meeting, the Committee approved the appointment of Mr. Yousaf Khan as Member/Trustee of the Karachi Port Trust (KPT) Board against a vacant position. The appointment was made on the basis of recommendations of the Board Nomination Committee and approval of the Prime Minister, in accordance with applicable legal and governance requirements.
