CCoSOEs approves SOE board changes, seeks revised PTDC, Morafco proposals

The Cabinet Committee on State Owned Enterprises met on Monday at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb to review governance, restructuring and appointment matters relating to key state owned entities.

The meeting was attended by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, along with secretaries and senior officials from relevant ministries and regulatory bodies.

The committee approved a number of agenda items submitted by the Ministry of Commerce and the Ministry of Information Technology and Telecommunications. These included the appointment of a chairman of the board and the filling of a vacant independent director position at Pakistan Reinsurance Company Limited, the reconstitution of the board of directors of State Life Insurance Corporation, and the appointment of members to the board of Ignite Company.

The committee also endorsed the nomination of the chief executive officer of Zong as a director on the board of the Universal Services Fund Company, representing mobile cellular licensees, for a term running until June 2026.

On restructuring matters, the committee directed the Ministry of Industries and Production to submit a detailed proposal, in consultation with the Law Division, setting out the process for the winding up of Morafco Industries Limited.

Separately, the Ministry of Inter Provincial Coordination was asked to resubmit its proposal regarding the Pakistan Tourism Development Corporation. The revised submission is to include a detailed plan covering staffing, governance arrangements and PTDC’s role in supporting the national tourism strategy.

The committee underscored that any reconsideration of earlier decisions must be backed by a clear business case and be consistent with the government’s broader reform and rightsizing agenda for state owned enterprises, particularly in the context of concerns over delays in reforms, legislative amendments and planned SOE divestments ahead of the next IMF review.