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Chairpersons

Cabinet Committee on State-Owned Enterprises Approves Key Board-Level Appointments

Strategic Insights

— 1 min read

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) made several significant board-level appointments on Wednesday, including the nomination of Aasim Aziz Siddiqi as Chairman of the Trading Corporation of Pakistan (TCP) and Shoaib Mir Memon as Chairman of the Pakistan Reinsurance Company Limited (PRCL). The committee also reviewed proposals for the reconstitution of the Board of Directors of the Small and Medium Enterprises Development Authority (SMEDA) and the renaming of the Scientific and Technological Development Corporation of Pakistan. The decisions were made during a meeting chaired remotely by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

Key Takeaways:

  • The CCoSOEs approved the appointment of Aasim Aziz Siddiqi as Chairman of TCP, Ayesha Aziz as Independent Director, and Shoaib Mir Memon as Chairman of the Board of PRCL.
  • The committee recommended that relevant ministries review and streamline the appointment process for board positions in state-owned enterprises to avoid administrative delays.
  • The CCoSOEs advised the initiation of the appointment process well in advance of incumbents' retirement to ensure smooth transitions and continuity of operations.
  • The committee approved a panel of six private sector members to serve as independent directors on the Board of SMEDA, representing Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, women's representation, and the development sector.
  • The meeting concluded with a briefing from the Ministry of Science and Technology on the restructuring and renaming of the Scientific and Technological Development Corporation of Pakistan to the Indigenous Research and Development Agency (IRADA).

Statistics:

  • 3 key board-level appointments were approved by the CCoSOEs.
  • 6 private sector members were approved to serve as independent directors on the Board of SMEDA.
  • The CCoSOEs further instructed the Ministry of Science and Technology to reconstitute the newly renamed IRADA.
  • 4 independent directors are currently serving on the Board of Directors of the Postal Life Insurance Company Ltd.

Sources:

  • Finance Division
  • Ministry of Commerce
  • Ministry of Communications
  • Ministry of Industries and Production

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