The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided to categorise the Water and Power Development Authority (WAPDA) and National Highway Authority (NHA) as essential State-Owned Enterprises (SOEs).
The development came after a meeting of the CCoSOEs, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb, at the Finance Division on Thursday.
As per a statement released by the Finance Division, the Ministry of Water Resources submitted a proposal to categorise WAPDA as a strategic or essential SOE.
“After deliberation, the committee decided to categorise WAPDA as an essential SOE. It was further directed that WAPDA align its Governing Act in consonance with the SOEs Act,” read the statement.
Categorisation of SOEs: SMEDA declared as essential, PNSC as strategic
Meanwhile, the Ministry of Communications presented a proposal regarding the categorisation of the National Highway Authority (NHA) as an essential SOE under Paragraph 9 of the SOEs Policy 2023, “due to NHA’s involvement and its critical role in implementing government policies with significant security, social, and economic impacts”.
“After careful consideration, the CCoSOEs approved the proposal, categorizing the NHA as an essential SOE,” it said.
The Ministry of Communications also proposed the categorization of the Pakistan Post Office Department (PPOD) as a strategic and essential SOE under Paragraph 9 of the SOEs (Ownership and Management) Policy, 2023.
“The proposal was reviewed in the light of the justifications presented by Ministry of Communications, and was approved by the CCoSOEs,” read the statement.
Moreover, the Ministry of Defence Production submitted a proposal regarding the strategic categorization of Defence Production Establishments, including entities like Pakistan Ordnance Factories (POF), Heavy Industries Taxila (HIT), Pakistan Aeronautical Complex (PAC), Karachi Shipyard & Engineering Works (KS&EW), National Radio Telecommunication Corporation (NRTC), and Telephone Industries of Pakistan (TIP).
“These establishments are engaged in national security and defence-related activities that fulfill the operational requirements of the Armed Forces,” read the statement, which added that the proposal was approved for further submission to the Cabinet for final approval.
Categorising PBC as strategic SOE: Ministry seeks Cabinet body on SOEs nod
Lastly, the Ministry of Energy (Power Division) presented a proposal for the reconstitution of the Boards of Directors of the Central Power Purchasing Agency Guarantee Ltd (CPPA-G), Power Planning and Monitoring Company (PPMC), and Power Information Technology Company (PITC).
The proposal included the nomination of independent directors, ex-officio directors, and the chairman for each of these boards. After consideration, the CCoSOEs approved the nominations, thereby reconstituting the Boards of CPPA-G, PPMC, and PITC.
The meeting concluded with the committee emphasizing the importance of strategic oversight and effective governance of SOE.
The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Awais Ahmed Leghari, Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), Additional Attorney General for Pakistan, Deputy Chairman of the Planning Commission, Federal Secretaries, and senior officers from relevant ministries and departments.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has decided to categorise the Water and Power Development Authority (WAPDA) and National Highway Authority (NHA) as essential State-Owned Enterprises (SOEs).
The development came after a meeting of the CCoSOEs, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb, at the Finance Division on Thursday.
As per a statement released by the Finance Division, the Ministry of Water Resources submitted a proposal to categorise WAPDA as a strategic or essential SOE.
“After deliberation, the committee decided to categorise WAPDA as an essential SOE. It was further directed that WAPDA align its Governing Act in consonance with the SOEs Act,” read the statement.
Categorisation of SOEs: SMEDA declared as essential, PNSC as strategic
Meanwhile, the Ministry of Communications presented a proposal regarding the categorisation of the National Highway Authority (NHA) as an essential SOE under Paragraph 9 of the SOEs Policy 2023, “due to NHA’s involvement and its critical role in implementing government policies with significant security, social, and economic impacts”.
“After careful consideration, the CCoSOEs approved the proposal, categorizing the NHA as an essential SOE,” it said.
The Ministry of Communications also proposed the categorization of the Pakistan Post Office Department (PPOD) as a strategic and essential SOE under Paragraph 9 of the SOEs (Ownership and Management) Policy, 2023.
“The proposal was reviewed in the light of the justifications presented by Ministry of Communications, and was approved by the CCoSOEs,” read the statement.
Moreover, the Ministry of Defence Production submitted a proposal regarding the strategic categorization of Defence Production Establishments, including entities like Pakistan Ordnance Factories (POF), Heavy Industries Taxila (HIT), Pakistan Aeronautical Complex (PAC), Karachi Shipyard & Engineering Works (KS&EW), National Radio Telecommunication Corporation (NRTC), and Telephone Industries of Pakistan (TIP).
“These establishments are engaged in national security and defence-related activities that fulfill the operational requirements of the Armed Forces,” read the statement, which added that the proposal was approved for further submission to the Cabinet for final approval.
Categorising PBC as strategic SOE: Ministry seeks Cabinet body on SOEs nod
Lastly, the Ministry of Energy (Power Division) presented a proposal for the reconstitution of the Boards of Directors of the Central Power Purchasing Agency Guarantee Ltd (CPPA-G), Power Planning and Monitoring Company (PPMC), and Power Information Technology Company (PITC).
The proposal included the nomination of independent directors, ex-officio directors, and the chairman for each of these boards. After consideration, the CCoSOEs approved the nominations, thereby reconstituting the Boards of CPPA-G, PPMC, and PITC.
The meeting concluded with the committee emphasizing the importance of strategic oversight and effective governance of SOE.
The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Awais Ahmed Leghari, Governor of the State Bank of Pakistan (SBP), Chairman of the Securities and Exchange Commission of Pakistan (SECP), Additional Attorney General for Pakistan, Deputy Chairman of the Planning Commission, Federal Secretaries, and senior officers from relevant ministries and departments.
American Dollar Exchange Rate