Cabinet committee approves four directors for digital wallet company
The CCoSOEs also cleared two independent members for Pakistan State Oil's board and deferred a proposal to set up a pharma export promotion council.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved the appointment of four independent directors to the board of the Strategic Digital Wallet Company, the state-owned entity set up to manage, safeguard and administer Pakistan's sovereign virtual assets, at a meeting in Islamabad on Monday.
According to an official statement from the Finance Division, the summary for the appointments was moved by the division and cleared by the committee, which met under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry also attended. The statement did not name the four directors, Business Recorder reported.
The committee also approved a Petroleum Division summary nominating a female independent director to the Board of Management of Pakistan State Oil Company Limited, along with the nomination of a second independent member. The appointments are part of reconstituting the PSO board after the expiry of its previous statutory term.
A proposal from the Ministry of Commerce to establish the Pakistan Pharma Export Promotion Council as a Section 42 company under the Companies Act, 2017, was deferred. The council was to work under the administrative control of the Trade Development Authority of Pakistan. The committee directed the ministry to hold further consultations with relevant stakeholders before bringing the summary back for consideration.
The CCoSOEs also approved the activation of the Clean Environment Fund Company under the Pakistan Environmental Protection Agency, through the appointment of two ex-officio and three independent directors. According to the statement, the company is meant to support environmental protection, conservation, rehabilitation and improvement by helping mobilise and use resources for environmental initiatives.
The decisions cover appointments and restructuring across three state-linked entities rather than any new funding commitment, and no financial details were disclosed in the statements.
Business Recorder's headline described the approving body as the ECC, while its own report and a separate account by TechJuice both identified the meeting as that of the Cabinet Committee on State-Owned Enterprises, chaired by the finance minister. A photograph caption circulated by the Associated Press of Pakistan referred to a separate meeting on the National Private Equity Framework, also chaired by Senator Aurangzeb, and not to the CCoSOEs session.
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