ISLAMABAD: The Cabinet Committee on State-Owned Enterprises has approved the appointment of Roshan Khursheed Bharucha as an independent director of Pakistan Petroleum Limited (PPL).
According to an official announcement, the committee met on Thursday at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue Muhammad Aurangzeb and approved a summary submitted by the Petroleum Division regarding the nomination of an independent director on the Board of Directors of PPL against a vacant position, in accordance with the State-Owned Enterprise Policy, 2023.
The panel also considered a summary submitted by the Petroleum Division regarding the constitution of the Board of Directors of Oil & Gas Development Company Limited (OGDCL) and approved the proposed nominations against three positions of independent directors.
In another relevant development, the Ministry of Finance, in accordance with the requirements of the State-Owned Enterprises (Governance and Operations) Act, 2023, and the SOE Ownership and Management Policy, 2023, has updated the “Directors Appointment and Evaluation Guidelines” dated October 31, 2024, for the SOEs. These guidelines are designed to assist ministries/divisions and SOEs in the transparent and effective appointment, induction and evaluation of board directors.
