Three NHC independent members: CCoSOEs approves appointment

ISLAMABAD: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) Tuesday approved the appointment of three Independent Members to the National Highway Council (NHC) in line with the SOEs (Operation and Management) Policy, 2023.

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) met on Tuesday under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division.

The meeting was attended by Federal Minister for Housing and Works Riaz Hussain Pirzada, the Attorney General of Pakistan, the Executive Director of the Securities and Exchange Commission of Pakistan (SECP), Federal secretaries, and senior officials from relevant ministries, divisions, and departments.

CCoSEOs for reconciling financial portfolios of NHA, PR with Finance Div

The committee discussed board nominations for various SOEs. It discussed and approved the appointment of three Independent Members to the National Highway Council (NHC) in line with the SOEs (Operation and Management) Policy, 2023.

Regarding Board of Postal Life Insurance Company Limited (PLICL) - a subsidiary of Pakistan Post under the Ministry of Communications, CC SOE directed to present agenda along with recommendations for Independent Directors. For Pakistan Reinsurance Company Limited (PRCL) which operates under the Ministry of Commerce, the committee endorsed the appointment of two principal candidates as independent directors.

Additionally, the committee approved board appointments for Jinnah Medical Complex & Research Centre (JMC&RC) Company Limited, which falls under the Ministry of National Health Services, Regulations & Coordination.

The committee approved these nominations for board members with the observation that the SOEs law must be followed in letter and spirit, and relevant committees shall make concerted efforts to hire independent directors purely from the private sector.

The committee also reviewed the Annual Consolidated Performance Report of Commercial and Non-Commercial State-Owned Enterprises (SOEs) for FY 2023-24.

Copyright Business Recorder, 2025