ISLAMABAD: The federal government has approved changes to the boards of three state-owned entities, including the reconstitution of the boards of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), along with the appointment of a chairman/independent director at National Engineering Services Pakistan (NESPAK).
Thank you for reading this post, don't forget to subscribe!The decisions were taken during a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs), held on Tuesday under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, according to a statement issued by the Finance Division.
The committee considered two agenda items relating to the appointment of the chairman/independent director of NESPAK and the reconstitution of HESCO’s Board of Directors, including the appointment of an independent director to SEPCO’s board.
Following detailed deliberations, the committee approved both proposals, paving the way for changes in the governance structures of the three state-owned organisations.
During the meeting, Finance Minister Muhammad Aurangzeb emphasised that government representatives serving as ex-officio directors on the boards of state-owned enterprises should be appropriately placed and possess the necessary competence, professional experience and institutional understanding.
He stressed that such representatives must be capable of effectively representing their respective government divisions and contributing to improved corporate governance and institutional performance.
The latest decisions form part of the government’s efforts to strengthen board-level oversight, improve governance standards and enhance the management of state-owned enterprises.
