Web Desk: Pakistan’s Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved new independent directors for the boards of Pakistan State Oil (PSO) and the Strategic Digital Wallet Company, which is tasked with managing the country’s sovereign virtual assets.
The decisions form part of the government’s efforts to strengthen board-level oversight of state-owned entities and activate an environmental fund. However, the committee has deferred a separate proposal to establish a pharmaceutical export promotion council pending further consultations.
On the recommendation of the Finance Division, the committee approved the appointment of four independent directors to the board of the Strategic Digital Wallet Company.
The government established the company to manage, safeguard and administer Pakistan’s sovereign virtual assets. The appointments are intended to support the company’s governance as it undertakes its mandate.
The decision comes as Pakistan moves to establish institutional arrangements for overseeing its sovereign virtual assets.
Separately, the committee approved a Petroleum Division proposal to nominate a female independent director to the Board of Management of Pakistan State Oil.
It also approved the nomination of another independent member to the board. The appointments are part of the process to reconstitute PSO’s board following the expiry of its previous statutory term.
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