Pakistan appoints new leadership across key state-owned enterprises

In a series of decisions aimed at improving governance and efficiency in state-owned enterprises (SOEs), Pakistan's Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Tuesday approved several key board appointments across major government-owned entities.

Chaired remotely by Federal Finance Minister Senator Muhammad Aurangzeb, the meeting at the Finance Division was attended by Housing and Works Minister Mian Riaz Hussain Pirzada, Commerce Minister Jam Kamal Khan, the chairman of the Securities and Exchange Commission of Pakistan (SECP), and senior officials from various ministries.

The committee endorsed the nomination of Aasim Aziz Siddiqi as chairman of the Board of the Trading Corporation of Pakistan (TCP), alongside Ayesha Aziz as an independent director. It also approved Shoaib Mir Memon as the chairman of the Board of Pakistan Reinsurance Company Limited (PRCL).

The committee also advised relevant ministries to streamline and initiate the board appointment process well ahead of incumbents’ retirement. This, officials said, would help avoid administrative delays and ensure operational continuity in critical public sector institutions.

The committee also approved the appointment of three ex-officio members to the Board of Postal Life Insurance Company Ltd, as proposed by the Ministry of Communications. To fully operationalize the board and accelerate restructuring of the entity—which remains on the privatization list—the ministry was directed to nominate a chairman from among the existing four independent directors.

In another key decision, the committee gave a green light to the reconstitution of the Board of Directors for the Small and Medium Enterprises Development Authority (SMEDA). A six-member panel was approved from the private sector, representing all provinces, gender diversity, and the development sector. The appointees include Saif Ali Rastgar (Punjab), Mashood Khan (Sindh), Osman Saifullah Khan (Khyber Pakhtunkhwa), Israr Khan Kakar (Balochistan), Aasia Saail Khan (women’s representative), and Dr. Syed Zahoor Hassan (development sector expert).

The meeting concluded with a briefing from the Ministry of Science and Technology on the transformation of the Scientific and Technological Development Corporation of Pakistan into the newly named Indigenous Research and Development Agency (IRADA). The rebranding is part of a broader restructuring effort aimed at bolstering national research capacity and promoting innovation.

“This is a step in the right direction,” said an analyst. “Bringing in competent, independent board members is essential if SOEs are to operate on commercial lines and deliver value. But these appointments must be matched with real oversight and performance metrics.”

Finance Minister Aurangzeb appreciated the reform efforts and expressed hope that IRADA would help unlock the country’s innovation potential through focused indigenous R&D.