The Cabinet Committee on State-Owned Enterprises (CCoSOEs), led by Finance Minister Senator Muhammad Aurangzeb, has taken significant steps to improve the governance and management of several key state-run organizations. During the latest meeting at the Finance Division, the committee approved important board appointments and considered critical reforms aimed at boosting efficiency in Pakistan’s public sector enterprises.
Notable board appointments include the nomination of Mr. Aasim Aziz Siddiqi as Chairman of the Trading Corporation of Pakistan (TCP), Ms. Ayesha Aziz as Independent Director, and Mr. Shoaib Mir Memon as Chairman of Pakistan Reinsurance Company Limited (PRCL). The committee also endorsed ex-officio appointments to the Board of Postal Life Insurance Company Limited, with instructions to nominate a new chairman to facilitate the company’s ongoing restructuring process.
To further promote diversity and regional representation, the CCoSOEs approved a panel of private sector nominees for the Board of the Small and Medium Enterprises Development Authority (SMEDA). The panel includes representation from all provinces, women, and members from the development sector, reflecting the government’s commitment to inclusive economic growth.
In addition, the committee reviewed the transformation of the Scientific & Technological Development Corporation into IRADA, a move designed to strengthen indigenous research and development capabilities within the country. This restructuring aims to foster innovation and enhance Pakistan’s technological competitiveness.
Finance Minister Aurangzeb stressed the importance of streamlining the appointment process for state enterprise boards, urging that nominations should be initiated early to avoid administrative delays. The approved measures reflect a broader effort by the government to improve governance, transparency, and effectiveness across Pakistan’s state-owned enterprises.
