ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved key board appointments at Pakistan State Oil (PSO), the Strategic Digital Wallet Company and the Clean Environment Fund Company, while deferring a proposal to establish the Pakistan Pharma Export Promotion Council for further consultations.
Thank you for reading this post, don't forget to subscribe!The committee met on Monday under the chairmanship of Federal Minister for Finance and Revenue Muhammad Aurangzeb. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry also attended the meeting.
The committee approved a summary submitted by the Petroleum Division concerning the nomination of a female Independent Director and another Independent Member to the Board of Management of Pakistan State Oil Company Limited. The appointments form part of the process to reconstitute the board following the expiry of its previous statutory term.
The committee also approved four Independent Directors for the board of the Strategic Digital Wallet Company, following a summary submitted by the Finance Division. The company was established to manage, safeguard and administer Pakistan’s sovereign virtual assets.
In another decision, the committee approved a proposal from the Ministry of Climate Change and Environmental Coordination to activate the Clean Environment Fund Company under the Pakistan Environmental Protection Agency. The approval includes the appointment of two ex-officio directors and three Independent Directors.
The company is intended to support environmental protection, conservation, rehabilitation and improvement by facilitating the mobilisation and utilisation of resources for environmental initiatives.
Meanwhile, the committee deferred a proposal submitted by the Ministry of Commerce to establish the Pakistan Pharma Export Promotion Council as a Section 42 company under the Companies Act, 2017, under the administrative control of the Trade Development Authority of Pakistan.
The ministry was directed to hold further consultations with relevant stakeholders and resubmit the proposal for consideration.
The decisions cover governance appointments across the petroleum, digital asset and environmental sectors, while further deliberations are required before the proposed pharmaceutical export promotion body can proceed.
Story by Tahir Amin
