New PRAL board approved

CCoSOEs approves PRAL Board reconstitution, with a majority of independent directors from the private sector.

ISLAMABAD:

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) on Saturday approved the Revenue Division's summary for the reconstitution of the Board of Directors of Pakistan Revenue Automation Private Limited (PRAL), in line with the State-Owned Enterprises Act 2023. The meeting, chaired virtually by Finance Minister Muhammad Aurangzeb, reviewed and endorsed the proposed board structure, according to a news release.

Earlier, the Board Nominations Committee recommended five independent directors and four ex-officio members as outlined in Section 10 of the State-Owned Enterprises (Governance and Operations) Act, 2023. It was highlighted during the meeting that all five independent directors were selected from the private sector, bringing extensive experience in top management positions and professional qualifications in law, accountancy, and management. The committee gave a strong endorsement to the proposal, with Aurangzeb praising the inclusion of majority independent directors. He also lauded the selection of prominent professionals from the SME sector.