Islamabad, Sep 21: The Finance Division, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) had a virtual meeting under the direction of Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue.
The Board of Directors of Pakistan Revenue Automation (PRAL) was to be reconstituted in accordance with the State Owned Enterprises Act 2023, according to a proposal made by the Revenue Division. In accordance with Section (1) of Section 10 of the Enterprises (Governance and Operations) Act, 2023, the meeting took into consideration the recommendation made by the Board Nominations Committee for five majority independent directors and four ex-officio members.
It was reported to the meeting that each of the five individuals who were suggested for independent director positions came from the private sector, had extensive relevant experience in senior management roles, and had advanced degrees in management, accounting, and law. After reviewing the summary, the meeting strongly approved the plan.
Senator Muhammad Aurangzeb, the Minister of Finance and Revenue, praised the appointment of well-known professionals from the SME sector to lead the Board and applauded the move to have the majority of independent directors on the board. In order to meet income generation targets, he hoped the incoming Board will be able to witness robust oversight and sound administration of PRAL.
Federal Secretaries, senior officers from pertinent ministries and departments, and Mr. Qaiser Ahmed Shaikh, Minister for Maritime Affairs, Mr. Rashid Mahmood Langrial, Chairman of the Federal Board of Revenue (FBR), and Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), all attended the meeting virtually.
