Finance Minister chairs meeting of cabinet committee on state-owned enterprises

Islamabad
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at the Finance Division today.
The meeting was attended by the Minister for Planning, Development and Special Initiatives, Mr. Ahsan Iqbal Chaudhry; Minister for Commerce, Mr. Jam Kamal Khan; Minister for Economic Affairs, Mr. Ahad Khan Cheema; Minister for Housing and Works, Mian Riaz Hussain Pirzada; Minister for Science and Technology, Dr. Khalid Maqbool Siddiqui; Governor State Bank of Pakistan (SBP); Executive Director Securities and Exchange Commission of Pakistan (SECP); Federal Secretaries; and senior officers from the Finance Division.
The Committee reviewed a summary from the Cabinet Division regarding the reconstitution of the Board of Directors of the Printing Corporation of Pakistan (PCP). The Board, previously composed solely of ex-officio members, was required to include a majority of independent directors in accordance with the SOEs Ownership and Management Policy 2023. After detailed discussions, the CCoSOEs approved the new composition of the board, which includes 5 independent directors, as recommended.
A summary from the Ministry of National Food Security and Research was considered, concerning the appointment of independent directors for two vacant positions on the Board of the Livestock and Dairy Development Board (LDDB). The Committee approved the proposal.
The Committee also reviewed the summary of the Ministry of Railways regarding the reconstitution of Boards of Directors (BoDs) of four Railway SOEs. The recommendations of the Board Nomination Committee (BNC) for the reconstitution of BoDs of Pakistan Railways Advisory and Consultancy Services (PRACS), Pakistan Railways Freight Transportation Company (PRFTC), Railways Estate Development and Marketing Company (REDAMCO), and Railways Construction Pakistan Limited (RAILCOP) were approved. These included recommendations on both ex-officio and independent directors.
The Committee then reviewed a summary from the Ministry of Overseas Pakistanis and Human Resource Development regarding the reconstitution of the Board of Governors of the Overseas Pakistanis’ Foundation (OPF). It was recommended to include two independent members on the Board, and the proposal was approved. A summary from the Ministry of National Food Security and Research was presented regarding the appointment of independent directors on the Board of Directors of the Fisheries Development Board (FDB). The Committee approved the nomination of 6 independent directors.
The Ministry of National Food Security and Research also submitted a summary for the approval of the Board of Directors of the Pakistan Cotton Standards Institute (PCSI). The CCoSOEs approved the appointment of 9 independent directors as recommended.
In addition, the Committee reviewed a summary from the Ministry of Finance regarding the State-Owned Enterprises’ (SOEs) financial performance for the first six months of the Financial Year 2024.
Discussions focused on financial performance, business plan analysis, risk analysis, corporate governance, and compliance. A presentation on these matters was delivered by the Finance Secretary.
The Committee concluded the meeting by reviewing the implementation of previous decisions made by the CCoSOEs to ensure compliance. The presentation was given by Director General Central Monitoring Unit (CMU) of the Finance Division.
Aurangzeb holds meeting with the delegation of American Business Council
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with a delegation from the American Business Council (ABC) led by Mr. Kamran Ataullah Khan, President of ABC and Country Manager/CEO of Dupont.
The delegation included Ms. Tushna Patel, Vice President ABC and Executive Director AICT; Syed Khurram Shah, Member of the Executive Committee and Executive Director PepsiCo; Mr. Adnan Shafi, Member of the Executive Committee and CEO of PriceOye Technologies; Mr. Asif Ahmed, General Manager and Technology Leader at IBM; and Brigadier (Retd.) Tariq Saeed, Government Relations Advisor at Cargill.
During the meeting, the delegation discussed the potential for fostering economic collaboration between Pakistan and the United States, emphasizing the need to create a conducive business environment for foreign investment. The delegation briefed the Minister on the issues and challenges faced by the business community, highlighting areas that require policy intervention to foster a more favorable business environment. They also highlighted opportunities for growth in sectors such as technology, agriculture, and consumer goods, underlining the contributions of ABC member companies to Pakistan’s economic development.
Senator Muhammad Aurangzeb appreciated the efforts of the American Business Council in strengthening bilateral economic ties and welcomed the recommendations shared by the delegation. He assured the government’s full support in facilitating foreign investors and resolving their issues and reaffirmed his resolve to make Pakistan an attractive business and export hub for the international markets.
The Minister also apprised the delegation about the government’s comprehensive structural reforms agenda, reaffirming its commitment to expanding the tax base, addressing economic leakages, and ensuring a complete transformation of the tax authority. He emphasized that no exemptions would be granted to any segment of the economy, underscoring that the country is already progressing in the right direction in these areas.
The Minister concluded the meeting by emphasizing the government’s determination to implement reforms aimed at ensuring economic stability, enhancing the ease of doing business, and promoting sustainable growth.