Key Takeaways
- The Cabinet Committee on State-Owned Enterprises approved the appointment of four Independent Directors for the Strategic Digital Wallet Company.
- The committee also approved nominations for the Pakistan State Oil Company and the Clean Environment Fund Company.
- The appointments aim to manage and safeguard Pakistan’s sovereign virtual assets and support environmental initiatives.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the appointment of four Independent Directors to the Board of the Strategic Digital Wallet Company, a move aimed at managing and safeguarding Pakistan’s sovereign virtual assets.
The approval was made during a meeting chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and attended by Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry.
In addition to the Strategic Digital Wallet Company, the CCoSOE also approved the nomination of a female Independent Director to the Board of Management of Pakistan State Oil Company Limited (PSO), as part of the process of reconstituting the Board following the expiry of its previous statutory term.
The committee also approved the nomination of another Independent Member to the PSO Board of Management, further diversifying the board composition.
Furthermore, the CCoSOE approved the establishment of the Pakistan Pharma Export Promotion Council as a Section 42 company under the Companies Act, 2017, under the administrative control of the Trade Development Authority of Pakistan.
The committee deferred a proposal regarding the activation of the Clean Environment Fund Company under the Pakistan Environmental Protection Agency, directing the Ministry to undertake further consultations with relevant stakeholders before resubmitting it for consideration.
The appointments and approvals reflect the government’s commitment to enhancing the governance and operational efficiency of state-owned enterprises in Pakistan, particularly in the digital and environmental sectors.
