Cabinet Committee Approves Key Board Appointments for Major State-Owned Enterprises

The Cabinet Committee on State Owned Enterprises (CCoSOEs), chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, convened at the Finance Division on Friday to review and approve a series of agenda items focused on governance and reform of major state-owned entities. The Committee approved several proposals from the Ministry of Commerce and the Ministry of Information Technology & Telecommunications, including the appointment of an Independent Director, Chairman of the Board, and recommendations for ex-officio positions. The reconstitution of the Board of Directors for Pakistan Reinsurance Company Limited (PRCL) and State Life Insurance Corporation (SLIC), as well as the appointment of new board members for Ignite Company, were also endorsed. Additionally, the Committee gave the green light to a proposal from the Ministry of Information Technology & Telecommunication (MoITT) to nominate the CEO of ZONG as the Mobile-Cellular Licensees’ representative on the Board of Universal Services Fund Company (USF) for the remainder of the term until June 2026. On the matter of Morafco Industries Limited (MIL), the Committee directed the Ministry of Industries & Production to return with a comprehensive proposal, developed in consultation with the Law Division, detailing the process for winding up the entity as previously determined. The Committee also considered a summary from the Ministry of Inter-Provincial Coordination, which sought a review of the earlier decision to wind up the Pakistan Tourism Development Corporation (PTDC). The Ministry argued that, despite outsourcing most of PTDC’s operational and commercial assets, a national-level mechanism for tourism coordination remains vital. It proposed establishing a streamlined “centre of excellence” to facilitate intergovernmental coordination, policy support, and tourism promotion. After discussion, the Committee asked the Ministry to resubmit its proposal with a detailed plan, including justifications for staffing, governance structure, and PTDC’s role in supporting the national tourism strategy, while considering ongoing consultancy studies and international investment initiatives. The Committee emphasized that any reconsideration of its previous decision should be based on a clear business case and aligned with the government’s broader reform and rightsizing agenda for state-owned enterprises. The meeting reaffirmed the government’s commitment to transparency, continuity, and effective governance in the management of state-owned enterprises. The meeting was attended by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, as well as secretaries and senior officials from relevant ministries, divisions, and regulatory bodies.