The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved new independent directors for the boards of Pakistan State Oil (PSO) and the Strategic Digital Wallet Company, which will manage the country’s sovereign virtual assets.
Digital Wallet Company Gets Four Directors
On a Finance Division summary, the committee approved four independent directors for the board of the Strategic Digital Wallet Company. The company was set up to manage, safeguard, and administer Pakistan’s sovereign virtual assets.
New Directors for PSO
The committee approved a Petroleum Division summary to nominate a female independent director to PSO’s Board of Management. It also approved one more independent member for the board.
These nominations are part of the process to reconstitute the PSO board after its previous statutory term expired.
Clean Environment Fund Activated
The committee also approved a proposal from the Ministry of Climate Change and Environmental Coordination to activate the Clean Environment Fund Company under the Pakistan Environmental Protection Agency. Two ex-officio and three independent directors will be appointed to run it.
Pharma Export Council Deferred
However, the committee deferred a Ministry of Commerce proposal to set up the Pakistan Pharma Export Promotion Council.
The council was to be formed as a Section 42 company under the Companies Act, 2017, and placed under the administrative control of the Trade Development Authority of Pakistan (TDAP).
The ministry has been told to hold further consultations with relevant stakeholders before bringing the proposal back.
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