Islamabad: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened at the Finance Division, chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting resulted in significant board appointments and deliberations on institutional proposals. Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, was also in attendance.

According to Press Information Department, the Committee approved a submission from the Petroleum Division for the nomination of a female Independent Director to the Board of Management of Pakistan State Oil Company Limited (PSO). Additionally, the nomination of another Independent Member to the PSO Board was sanctioned, marking a step in reconstituting the Board after the end of its previous statutory term.

The Committee reviewed a proposal from the Ministry of Commerce to establish the Pakistan Pharma Export Promotion Council as a Section 42 company under the Companies Act, 2017. This company would fall under the administrative control of the Trade Development Authority of Pakistan. The proposal was deferred, with the Committee instructing further consultations with stakeholders before reconsideration.

On another front, the Committee, based on a submission by the Finance Division, approved the appointment of four Independent Directors to the Board of the Strategic Digital Wallet Company. This company is tasked with managing and safeguarding Pakistan’s sovereign virtual assets.

The Committee also endorsed a proposal from the Ministry of Climate Change and Environmental Coordination for the activation of the Clean Environment Fund Company under the Pakistan Environmental Protection Agency. This approval included appointing two ex-officio and three Independent Directors to support environmental initiatives through resource mobilisation and utilisation.