ISLAMABAD - The Board of Directors of Sarmaya-e-Pakistan Limited (SPL) on Wednesday unanimously elected Ehsan Malik as its chairman.

The Board constituted statutory committees as per requirement of Corporate Governance Rules, 2013.

The Board considered the prime objective of SPL, initiation of a reform process of State Owned Enterprises (SOEs) to improve their efficiency, service delivery and financial viability. In this regard, the Board was of the opinion that all options for reform and reinvigorating the SOEs must be kept in mind.

Prior to the Board meeting, Finance Minister Asad Umar met the Board Members and congratulated them on their appointment on the SPL Board.

BoD consists of 9 members from public, 8 from private sector

The Board deliberated upon the objectives of the company and considered as their primary objective to initiate a reform process that will result in efficient and better service delivery of State Owned Enterprises (SOEs). 

The federal cabinet in November approved the formation of Sarmaya-e-Pakistan Company. The government has decided to transfer the management control of SOEs including Pakistan International Airlines (PIA) and Pakistan Steel Mills to newly incorporated holding company to be Sarmaya-i-Pakistan Company. As such the existing PSEs shall become subsidiaries of Sarmaya-i-Pakistan Company.

The Securities and Exchange Commission of Pakistan (SECP) had recently incorporated Sarmaya-e-Pakistan, the holding company for state owned enterprises.

The Company shall be incorporated as a company by Finance Division with 100% shareholding with the government of Pakistan. The shares of the federal government in the existing PSEs shall be transferred to Sarmaya-e-Pakistan Company and appropriate changes in their respective Articles/Memorandum of Association shall be made. Suitable legislative measures shall be taken to enable the federal government to appoint the Board of Directors of the PSEs on the recommendations of Sarmaya-i-Pakistan Company.

Secretary Finance Arif Ahmed Khan has been made chief executive officer/director of the company while Secretary Industries Azhar Ali Chaudhary and Secretary Cabinet Fazal Abbas would be directors of the Sarmaya-e-Pakistan Holding Company. The board of directors (BoD) of the holding company is yet to be notified. The board of directors of Sarmaya-e-Pakistan Company consists of three government members and eight from the private sector including the chairman. Under the board there will be five verticals including power, oil and gas, manufacturing, financial services and logistics. Each vertical would be responsible for developing the guidance and strategic direction of the entities under its control.

The meeting was attended by Arif Ahmed Khan, Irfan Ali, Azher Ali Choudhry, Babar Badat, Zubyr Soomro, Nadeem Babar, Ehsan Malik, Waqar A Malik, Atif Aslam Bajwa and Kamran Y. Mirza.