The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Thursday excluded the Small and Medium Enterprises Development Authority (SMEDA) from the list of State-Owned Enterprises, and directed the Petroleum Division to revise its proposal seeking exemption for certain energy sector SOEs from international financial reporting standards.
CCoSOEs delists SMEDA as SOE, orders revised IFRS plan
ISLAMABAD, Jul 09 (APP):The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Thursday excluded the Small and Medium Enterprises Development Authority (SMEDA) from the list of State-Owned Enterprises, and directed the Petroleum Division to revise its proposal seeking exemption for certain energy sector SOEs from international financial reporting standards.
The decisions were taken in the CCoSOEs meeting chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, according to press release issued by finance ministry.
According to details, the Committee considered two summaries submitted by the Petroleum Division relating to the constitution of the Boards of Directors of Pakistan Petroleum Limited (PPL) and Saindak Metals Limited (SML).
Following deliberations, the Committee emphasized that the composition of the Boards of State-Owned Enterprises should remain fully aligned with the principles of good governance and the provisions of the State-Owned Enterprises (Ownership and Management) Act and Policy, including the principle of limiting representation from the sponsoring Ministry/Division to one ex officio Director on each Board.
The Committee approved a summary submitted by the Ministry of Industries and Production regarding the categorisation of the Small and Medium Enterprises Development Authority (SMEDA) and excluded SMEDA from the list of State-Owned Enterprises in view of its statutory and non-commercial nature.
The Committee also considered a summary submitted by the Petroleum Division seeking exemption for specified energy sector State-Owned Enterprises from the applicability of International Financial Reporting Standards (IFRS-14 and IFRS-9).
The Committee deferred the proposal and instructed the Petroleum Division to undertake further deliberations with the Finance Division and the Law and Justice Division and submit a revised proposal for consideration.
The Committee further approved a summary submitted by the Maritime Affairs Division regarding the appointment of an Independent Director on the Board of Pakistan National Shipping Corporation (PNSC) against a vacant position.
The meeting was attended by the Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, who participated virtually, along with federal secretaries and senior officials from the relevant ministries, divisions and regulatory authorities.
