Govt Delays Accounting Relief for Energy SOEs, Reclassifies SMEDA

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved the exclusion of the Small and Medium Enterprises Development Authority (SMEDA) from the list of state-owned enterprises.

The CCoSOEs deferred a proposal seeking exemptions for certain energy sector SOEs from International Financial Reporting Standards (IFRS-14 and IFRS-9). The Petroleum Division was directed to hold further consultations with the Finance Division and the Law and Justice Division before submitting a revised proposal.

These decisions was taken during a meeting chaired by Finance Minister Senator Muhammad Aurangzeb on Thursday.

The committee also reviewed proposals regarding the Boards of Directors of Pakistan Petroleum Limited (PPL) and Saindak Metals Limited (SML). It stressed that the boards of all state-owned enterprises must comply with the State-Owned Enterprises (Ownership and Management) Act and Policy, including limiting representation from the sponsoring ministry or division to a single ex officio director on each board.

The committee also approved the appointment of an independent director to fill a vacant position on the Board of Pakistan National Shipping Corporation (PNSC).

The meeting was attended by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, who joined virtually, along with senior officials from relevant ministries, divisions, and regulatory authorities.