Govt approves board changes at HESCO, SEPCO & NESPAK
- Development came during a meeting of the Cabinet Committee on State-Owned Enterprises
The government approved significant changes to three state-owned enterprise boards, including reconstituting HESCO and SEPCO, and appointing a new chairman for NESPAK, emphasizing competent representation.
- Reconstitution of HESCO and SEPCO boards.
- Appointment of NESPAK's chairman/independent director.
- Finance Minister's emphasis on competent ex-officio directors.
The government has approved changes to the boards of three state-owned enterprises (SOEs), including the reconstitution of the boards of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), and the appointment of a chairman/independent director at National Engineering Services Pakistan (NESPAK).
The development came 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, read a statement released by the Finance Division.
The CCoSOEs considered two agenda items concerning the appointment of the chairman/independent director of NESPAK, and the reconstitution of the Board of Directors of HESCO, alongside the appointment of an independent director on the Board of Sukkur Electric Power Company (SEPCO). After deliberations, both proposals were approved.
The finance minister emphasised that government representatives serving as ex-officio directors on these boards should be appropriately placed, competent and possess the requisite experience and institutional understanding to effectively represent their respective divisions.