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August 6, 2025 – Islamabad: The Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened today at the Finance Division under the chairmanship of Federal Finance Minister Senator Muhammad Aurangzeb, who joined proceedings remotely. The meeting focused on strengthening governance structures across various state-owned enterprises (SOEs).
Key attendees included Federal Ministers Mian Riaz Hussain Pirzada (Housing & Works), Jam Kamal Khan (Commerce), Chairman SECP, and senior officials from relevant ministries and departments.
The Committee approved the Ministry of Commerce’s proposal for the reconstitution of the Board of Trading Corporation of Pakistan (TCP), endorsing the appointment of Mr. Aasim Aziz Siddiqi as Chairman, and Ms. Ayesha Aziz as Independent Director. Mr. Shoaib Mir Memon was approved as Chairman of the Pakistan Reinsurance Company Limited (PRCL).
Stressing the importance of continuity, the Committee directed all ministries, including the Finance Division, to initiate board appointment processes well ahead of retirement timelines to avoid administrative delays.
The Committee also approved the appointment of three ex-officio members to the Postal Life Insurance Company Ltd board, based on a proposal from the Ministry of Communications. It instructed the Ministry to nominate a Chairman from among the current independent directors to activate the board and progress restructuring plans, as the company remains listed for privatization.
In a separate decision, the Committee approved a six-member private sector panel for appointment as independent directors on the SMEDA Board, representing all provinces, women, and the development sector. The selected members include Mr. Saif Ali Rastgar (Punjab), Mr. Mashood Khan (Sindh), Mr. Osman Saifullah Khan (KP), Mr. Israr Khan Kakar (Balochistan), Ms. Aasia Saail Khan (women), and Dr. Syed Zahoor Hassan (development sector).
The session concluded with a briefing by the Ministry of Science and Technology on renaming and restructuring the Scientific and Technological Development Corporation of Pakistan into the Indigenous Research and Development Agency (IRADA). The Chair praised the initiative, expressing optimism that IRADA would play a vital role in strengthening the national innovation ecosystem.
