CCoSOEs approves reconstitution of PRAL’s Board of Directors

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb led a virtual meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at the Finance Division.

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The meeting included Minister for Maritime Affairs Mr. Qaiser Ahmed Shaikh, Chairman of the Federal Board of Revenue (FBR) Mr. Rashid Mahmood Langrial (virtually), Chairman of the Securities and Exchange Commission of Pakistan (SECP) Mr. Akif Saeed (virtually), federal secretaries, and senior officials from relevant ministries and departments.

The committee reviewed a proposal from the Revenue Division concerning the reorganization of the Board of Directors of Pakistan Revenue Automation (PVT.) Ltd. (PRAL) in accordance with the provisions of the State Owned Enterprises Act 2023. The meeting took into account the recommendation for five independent directors and four ex-officio members put forth by the Board Nominations Committee as outlined in Section (1) of Section 10 of the Enterprises (Governance and Operations) Act, 2023.

It was noted that all five individuals suggested for the roles of independent directors were sourced from the private sector and had extensive relevant experience in senior management positions, along with advanced professional qualifications and expertise in law, accountancy, and management. The committee reviewed the summary and strongly supported the proposal.

Minister for Finance and Revenue Senator Muhammad Aurangzeb praised the initiative to include a majority of independent directors on the Board and commended the selection of distinguished professionals from the SME sector to manage the Board effectively. He expressed optimism that the new Board would provide strong oversight and efficient management of PRAL to meet revenue generation objectives.