ISLAMABAD: Prime Minister Shehbaz Sharif has constituted a committee to review and streamline the existing framework and processes governing the appointment and governance of Boards of Directors (BoDs) of State-Owned Enterprises (SOEs).
The Committee will comprise of Minister for Establishment (Convener), Secretary Finance (Member), Secretary Law and Justice (Member), Secretary, Commerce Division (Member), Secretary Power (Member), Secretary, Cabinet Division (Member), Chairman, FBR (Member), Shakeel Ahmed Mangnejo, Special Secretary to Prime Minister (Member) and Waqas ul Hasan- CEO Karandaaz (Member).
The Terms of Reference (ToRs) of the Committee are as follows: (i) review the existing legal regulatory, and administrative framework for appointment and reconstitution of BoDs of SOEs, including provisions of the SOE Act, 2023, and relevant rules/regulations, and propose amendments, if required; (ii) identify causes of delays in the BoDs nomination, vetting and approval process, including inter-divisional bottlenecks and procedural overlaps and recommend a transparent, merit-based and efficient process; (iii) examine the role of federal divisions in promoting good corporate governance of SOE boards in terms of transparency of process (agenda setting, decision making, issuance of board minutes/resolutions, critical decisions like pay, selection/pay packages of CEOs, compliance with regulatory framework, etc); and (iv) any other issue ancillary to above. The Committee may co-opt any other member(s).The Committee shall submit a comprehensive report with actionable recommendations to the Prime Minister’s Office within the current month. Cabinet Division (Cabinet Wing) shall provide secretarial support to the committee.
Copyright Business Recorder, 2025
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