The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Saturday approved the reconstitution of Pakistan Revenue Automation (PVT.) Ltd’s (PRAL) Board of Directors (BoD).
The approval was given during the CCoSOEs meeting, which was virtually chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb at the Finance Division.
As per a statement released by the Finance Division, the meeting considered a proposal by the Revenue Division regarding the reconstitution of the BoD of PRAL as per terms specified under the State Owned Enterprises Act 2023.
“The meeting considered the recommendation of five majority independent directors and four ex-officio members by the Board Nominations Committee as per Section (1) of Section 10 of the Enterprises (Governance and Operations) Act, 2023,” read the statement.
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It is pertinent to mention that PRAL, established in 1994, is responsible for providing technology-driven solutions to FBR, playing a vital role in automating the country’s tax collection system.
Meanwhile, during the meeting, the committee was told that all the five members recommended for positions of independent directors were drawn from the private sector and possessed relevant experience in top management positions.
“The meeting considered the summary and accorded strong endorsement to the proposal,” the Finance Division said.
Meanwhile, Finance Minister Aurangzeb lauded the step to have a majority of independent directors on the board and complemented the selection of prominent professionals from the SME sector to run the board professionally, read the statement.
“He hoped the new board would be able to observe strong oversight and good management of PRAL to help achieve revenue generation goals,” the Finance Division said.
The meeting was attended by Minister for Maritime Affairs Qaiser Ahmed Shaikh, Chairman FBR Rashid Mahmood Langrial, Chairman Securities and Exchange Commission of Pakistan (SECP) Akif Saeed, federal secretaries, and senior officers from relevant ministries and departments.
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