NICL Board Reconstitution Approved By CCoSOEs
Listen2 min
Read aloud by your device’s built-in synthetic voice, not a recording. Needs a browser that can read aloud.
✧ GENERATE BRIEFING
The Cabinet Committee on State-Owned Enterprises (CCoSOEs), presided over by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, has formally approved the reconstitution of the Board of Directors for the National Insurance Company Limited (NICL). The decision follows a summary submitted by the Commerce Division, under whose administrative oversight NICL operates as the sole state-owned general insurance carrier in Pakistan. The approved restructuring involves the appointment of two independent directors and four ex-officio directors, bringing NICL's corporate governance framework into full alignment with the State-Owned Enterprises (Governance and Operations) Act, 2023, and the State-Owned Enterprises Policy, 2023. Attended by Federal Minister for Commerce Jam Kamal Khan and Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, the meeting forms part of the government's broader mandate to strengthen institutional oversight, professionalize state enterprise boards, and mitigate fiscal liabilities across public sector entities.
The Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Finance Minister Muhammad Aurangzeb, has approved the proposed reconstitution of the Board of Directors of National Insurance Company Limited (NICL).
According to an official notification, the committee considered a summary submitted by the Commerce Division regarding structural changes to NICL’s board.
The committee approved nominations for two independent directors and four ex-officio directors, in accordance with the State-Owned Enterprises Act, 2023, and the State-Owned Enterprises Policy, 2023.
Governance Framework and Ministerial Representation
The high-level meeting was attended by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Federal Minister for Commerce Jam Kamal Khan.
NICL operates as a state-owned enterprise under the administrative control of the Commerce Division, providing general insurance services to public sector entities and assets across the country.
Corporate Governance Reforms
The decision forms part of the government’s ongoing oversight of state-owned enterprises aimed at improving corporate governance, ensuring professional management, and establishing clear accountability frameworks.
The legal and policy basis established under the SOEs Act, 2023, requires public sector companies to maintain balanced boards comprising qualified independent professionals alongside official ministry representatives. The press release issued by the government did not disclose the individual names of the newly approved nominees.
