The Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved several key appointments and board restructurings during a meeting chaired remotely by Finance Minister Senator Muhammad Aurangzeb.

The committee addressed critical vacancies within the Trading Corporation of Pakistan (TCP) and Pakistan Reinsurance Company Limited (PRCL), endorsing Aasim Aziz Siddiqi, Ms. Ayesha Aziz, and Shoaib Mir Memon for leadership positions.

The CCoSOEs also stressed the importance of timely appointments to avoid administrative lags, urging ministries to begin the selection process well in advance of retirements to ensure continuity in leadership. This directive aims to streamline operations and maintain stability within state-owned entities.

In a move to revitalize the Postal Life Insurance Company Ltd, the committee sanctioned the addition of three ex-officio board members. The Ministry of Communications was tasked with proposing a chairman from existing independent directors to facilitate the entity”s restructuring and potential closure, as it remains slated for privatization.

The Small and Medium Enterprises Development Authority (SMEDA) also underwent changes, with the CCoSOEs approving six new private sector members for its board. This panel represents diverse regions and sectors, including Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, women”s representation, and the development sector.

Finally, the committee reviewed the transformation of the Scientific and Technological Development Corporation of Pakistan into the Indigenous Research and Development Agency (IRADA). This restructuring aims to bolster the organization”s effectiveness and contribution to national innovation, a move praised by the chair.