ISLAMABAD: The federal government has made it mandatory for the nominees of the Board of Directors (BoDs) of State-Owned Entities (SOEs) to undergo clearance from the Intelligence Bureau (IB) and Inter-Services Intelligence (ISI).

The Cabinet Division, in a communication with various ministries and divisions, has shared the decision of the Federal Cabinet dated July 10, 2024. The Cabinet had directed all ministries and divisions to fill vacancies on incomplete and dysfunctional boards of SOEs, statutory bodies, and similar organizations, ensuring the boards are made functional.

In this regard, the Cabinet Division has further stated that background checks on nominees for these boards must be conducted by both the Intelligence Bureau and the Inter-Services Intelligence before presenting the cases to the Cabinet.

Privatisation: CCoSOEs removes SRBC from strategic entities’ list

According to official documents, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) has held several meetings to consider proposals from administrative divisions regarding whether their SOEs should be classified as ‘strategic’ or ‘essential,’ or whether they should be privatized.

The CCOSOEs headed by the Minister for Finance and Revenue, Senator, Muhammad Aurangzeb is continuously evaluating the performance of SOEs and their Boards.

Any Change in Board is subject approval of CCoSOEs and ratifications by the Federal Cabinet.

Copyright Business Recorder, 2024