ISLAMABAD: The federal government is to appoint female independent director on Pakistan Single Window (PSW) Board as under Public Sector Companies (Corporate Governance) Rules 2013. Under the provisions of the Pakistan Single Window Act, 2021, Pakistan Customs is the designated lead agency for the implementation of the Pakistan Single Window system which aims to enhance Pakistan’s trade competitiveness by digitizing cross border trade and integrating with international supply chains.
Implementation of the National Single Window is also a commitment under WTO’s Agreement on Trade Facilitation. Accordingly, with approval of the Federal Cabinet September 22, 2020, Pakistan Single Window Company has been established under section 42 of the Companies Act, 2017 to fast track efficient implementation of trade related PSW program.
The PSW Company has also been notified as the Operating Entity for the PSW system under provisions of PSW Act, 2021 and is responsible for the development, implementation, operations and maintenance of the system. The Federal Cabinet, in its decision of September 22, 2020 also approved the composition of the PSWC Board of Directors.
Under the Companies Act, 2017, Public Interest Companies are required to have female representation on their Boards. Consequently, the PSW Board of Directors in its 11th meeting held on February 8, 2022 considered the appointment of a female Independent Director in line with the criteria laid down in the Companies Act, 2017, Public Sector Companies (Corporate Governance) Rules, 2013, and the Associations with Charitable and Not for Profit Objects Regulations, 2018 and recommended the following panel of candidates in order of merit: (i) Yasmin Hyder;(ii) (ii) Nusrat Ghafar; and (iii) Nadia Rehman.
The Revenue Division, in its summary to the ECC proposed the appointment of a suitable candidate from the panel that in the light of section (I 54) of the Companies Act, 2017. The Revenue Division maintained that in addition to including a female director in the PSW Board of Directors, the proposed appointment will also help PSW in complying with SECP’s directives vide the Public Sector Companies (Corporate Governance) Rules, 2013 to have at least one third Independent Directors on the Board.
Copyright Business Recorder, 2022
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