The Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved several key board-level appointments on Wednesday, including the nomination of Aasim Aziz Siddiqi as Chairman of the Trading Corporation of Pakistan (TCP) and Shoaib Mir Memon as Chairman of the Pakistan Reinsurance Company Limited (PRCL).
The development came during a meeting of the CCoSOEs, held today at the Finance Division, under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, who participated in the proceedings remotely.
According to a statement released by the Finance Division, the committee considered and approved a proposal from the Ministry of Commerce for filling vacant positions on the Board of TCP.
The committee endorsed the nomination of Aasim Aziz Siddiqi as Chairman of the Board of TCP, Ayesha Aziz as Independent Director, and Shoaib Mir Memon as Chairman of the Board of PRCL.
The committee further advised the relevant ministries, including the Finance Division, to review and streamline the appointment process for board positions in state-owned enterprises.
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The CCoSOEs recommended initiating the process well in advance of the incumbents’ retirement to avoid administrative delays and ensure continuity, read the statement.
Moreover, the committee also approved the appointment of three ex-officio members to the Board of Directors of Postal Life Insurance Company Ltd, as proposed by the Ministry of Communications.
The ministry was directed to submit a summary for the nomination of the chairman of the board from among the four independent directors already serving, in order to make the board functional and make progress on the entity’s restructuring and potential winding-up, as it remains on the privatisation list.
Additionally, the committee reviewed a proposal from the Ministry of Industries and Production regarding the reconstitution of the Board of Directors of the Small and Medium Enterprises Development Authority (SMEDA).
It approved a panel of six private sector members for appointment as independent directors, including Saif Ali Rastgar (Punjab), Mashood Khan (Sindh), Osman Saifullah Khan (Khyber Pakhtunkhwa), Israr Khan Kakar (Balochistan), Aasia Saail Khan (representing women), and Dr Syed Zahoor Hassan (development sector).
The meeting concluded with a briefing by the Ministry of Science and Technology on the restructuring and renaming of the Scientific and Technological Development Corporation of Pakistan as the Indigenous Research and Development Agency (IRADA), in line with a prior decision of the committee, read the statement.
