Key Takeaways
- The Cabinet Committee on State-Owned Enterprises approved four independent directors for the Strategic Digital Wallet Company.
- The company will manage Pakistan’s sovereign virtual assets.
- The committee deferred a proposal to set up the Pakistan Pharma Export Promotion Council.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the appointment of four independent directors for the board of the Strategic Digital Wallet Company, a government-owned entity tasked with managing Pakistan’s sovereign virtual assets.
This move is part of the ongoing process to reconstitute the boards of state-owned enterprises, particularly following the expiration of the previous statutory terms.
The Strategic Digital Wallet Company was established to safeguard and administer Pakistan’s digital assets, a significant step in the country’s digital transformation and financial inclusion efforts.
In a related development, the committee approved a nomination for a female independent director to the board of Pakistan State Oil (PSO), alongside one additional independent member.
These appointments are aimed at ensuring better governance and oversight of state-owned enterprises, enhancing transparency and accountability.
Furthermore, the committee approved the activation of the Clean Environment Fund Company under the Pakistan Environmental Protection Agency, with two ex-officio and three independent directors to be appointed.
However, the proposal to establish the Pakistan Pharma Export Promotion Council was deferred, with the Ministry of Commerce instructed to consult with relevant stakeholders before resubmitting the proposal.
The decision to defer the Pharma Export Council proposal underscores the importance of stakeholder engagement and thorough consultation in the formation of new entities.
