Key Points
- SOE nominees to undergo mandatory corporate governance training within six months
- Committee sets up body to review Petroleum Division’s SOE categorisation
- Reconstitutions approved for SLIC, PTVC, and other major entities
ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCSOEs) approved a series of major decisions on Friday concerning governance reforms, board appointments, and the categorisation of public sector companies in line with the State-Owned Enterprises (Ownership and Management) Policy 2023.
The committee, chaired by Finance Minister Muhammad Aurangzeb, directed that all government nominees on SOE boards must undergo mandatory corporate governance training within six months before assuming their roles — a move aimed at strengthening oversight and improving institutional efficiency, according to the Finance Division.
Among key approvals, the CCoSOEs cleared the reconstitution of the Board of Directors of the State Life Insurance Corporation of Pakistan (SLIC) as part of efforts to enhance governance and align management structures with the government’s broader privatisation strategy. It also approved the appointment of independent directors to the Board of Jinnah Medical Complex & Research Centre (JMC&RC) to enhance governance and operational oversight in the healthcare sector.
In the information and industrial sectors, the committee approved the reconstitution of the Pakistan Television Corporation (PTVC) Board and the Board of Governors of the Pakistan Institute of Management (PIM), Karachi, to reinforce corporate transparency and raise professional training standards.
A transition plan for the dissolution of National Construction Limited and Pakistan Environmental Planning and Architectural Consultants (PEPAC) was also approved, setting a framework for their efficient winding-up and management of residual functions.
Additionally, two summaries from the Petroleum Division were reviewed — one on the nomination of directors and casual vacancies on boards of Inter-State Gas Systems Limited (ISGSL), Pakistan State Oil Company Limited (PSOCL), and Sui Southern Gas Company Limited (SSGCL), and another on categorising petroleum-sector SOEs as strategic or essential.
A high-level committee, chaired by the Petroleum Minister, was constituted to review the latter and submit recommendations to the CCoSOEs.
