The federal cabinet is likely to approve State-Owned Enterprises Policy 2023 in the next meeting.
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The Cabinet Committee of State-Owned Enterprises (CCoSOE) meeting was held at the Finance Division today under the chair of Caretaker Finance Minister Dr Shamshad Akhtar.
The principal agenda of the meeting was to conduct a comprehensive review and finalization of the State-Owned Enterprises Policy 2023, an initiative aimed at reforming and revitalizing Pakistan’s SOEs.
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The committee engaged in constructive discussions, reviewing key elements of the policy in light of suggestions from the previous meetings, including governance structures, performance, and accountability mechanisms.
The finance minister said that the Policy represents a critical step towards restructuring and modernizing our SOEs and economy. She said our objective is to reduce the size of SOEs in the public sector as well as to make those who remain in the public sector to be more competitive, accountable, and responsive to the needs of our citizens. This policy will pave the way for a more efficient utilization of public resources and will enhance the overall economic landscape of Pakistan.
She underlined that the inconsistencies, contradictions, and ambiguities in the relevant laws and rules have to be corrected to improve corporate governance in the SOEs. She said that the code of conduct for Boards of Governance in the SOEs has to be formulated and implemented in letter and spirit. She also emphasized the importance of enhanced scrutiny of the “fit and proper criterion” by the regulators.
Source: Pro Pakistani