Islamabad: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened at the Finance Division under the leadership of Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, to review governance and administrative matters related to state-owned entities.

According to Press Information Department, the Committee examined proposals from the Petroleum Division regarding the Boards of Directors for Pakistan Petroleum Limited (PPL) and Saindak Metals Limited (SML). The discussions highlighted the need for alignment with good governance principles and compliance with the State-Owned Enterprises (Ownership and Management) Act and Policy, emphasizing limited representation from sponsoring ministries on these boards.

In addition, the Committee evaluated a request from the Petroleum Division for exemptions from specific International Financial Reporting Standards for energy sector enterprises. This proposal was deferred, with instructions for further consultation with the Finance and Law and Justice Divisions before resubmission.

A proposal from the Maritime Affairs Division for the appointment of an Independent Director on the Pakistan National Shipping Corporation’s Board was approved. Furthermore, a submission from the Ministry of Industries and Production resulted in the exclusion of the Small and Medium Enterprises Development Authority from the list of State-Owned Enterprises, recognizing its statutory and non-commercial nature.

The meeting saw participation from Mr. Muhammad Junaid Anwar Chaudhry, Federal Minister for Maritime Affairs, via virtual means, alongside federal secretaries and senior officials from relevant ministries and divisions.