CCoSOEs Approves New Board Appointments At PSO, Strategic Digital Wallet Company
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✧ GENERATE BRIEFING
Pakistan’s Cabinet Committee on State-Owned Enterprises (CCoSOEs) convened on Monday, October 26, 2026, at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb. The committee approved several key board-level appointments across state-owned commercial and strategic entities, while deferring the establishment of a specialized pharmaceutical export promotion council for further stakeholder consultations.Key governance decisions, board reconstitutions, and institutional approvals include:Pakistan State Oil (PSO) Board Reconstitution: The committee approved the Petroleum Division's proposal to nominate a female independent director and an additional independent member to the Board of Management of Pakistan State Oil Company Limited (PSO), following the expiry of its previous statutory term.Strategic Digital Wallet Company Governance: Four independent directors were appointed to the board of the Strategic Digital Wallet Company, a state-backed entity established to manage, safeguard, and administer Pakistan’s sovereign virtual assets.
Pakistan’s Cabinet Committee on State-Owned Enterprises (CCoSOEs) has approved several board appointments at key public-sector and strategic entities, while deferring a proposal to establish a pharma export promotion council for further consultations.
The committee met at the Finance Division on Monday, October 26, 2026, under the chairmanship of Finance Minister and Revenue Senator Muhammad Aurangzeb. Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry also attended the meeting, alongside senior federal secretaries, according to an official press release issued by the Press Information Department (PID).
Board Reconstitution at Pakistan State Oil (PSO)
The committee approved a Petroleum Division summary to nominate a female independent director to the Board of Management of Pakistan State Oil Company Limited (PSO).
It also approved the nomination of another independent member to the board as part of the ongoing administrative process to fully reconstitute the governance body following the expiry of its previous statutory term. These appointments are designed to ensure regulatory compliance and strategic oversight at the country’s largest state-owned energy marketing company.
| State-Owned Entity (SOE) | Governance / Administrative Action | Key Objective / Mandate |
| Pakistan State Oil (PSO) | Appointment of Independent Directors (incl. a female independent director) | Reconstitution of board following expiry of statutory term |
| Strategic Digital Wallet Company | Appointment of 4 Independent Directors | Management & administration of sovereign virtual assets |
| Clean Environment Fund Company | Activation & Appointment of 5 Directors (2 ex-officio, 3 independent) | Resource mobilization for environmental rehabilitation & climate projects |
| Pharma Export Promotion Council | Deferred for further stakeholder consultations | Proposed Section 42 export promotion body under TDAP |
Strategic Digital Wallet Company Board Formed
The committee approved the appointment of four independent directors to the board of the Strategic Digital Wallet Company.
The company was established to manage, safeguard, and administer Pakistan’s sovereign digital infrastructure and virtual assets. While the summary was submitted by the Finance Division, the official announcement did not disclose the individual names of the appointed directors or operational timelines for the digital wallet platform.
Clean Environment Fund Company Activation
The CCoSOEs also approved a proposal from the Ministry of Climate Change and Environmental Coordination concerning the activation of the Clean Environment Fund Company under the Pakistan Environmental Protection Agency (Pak-EPA).
The approval provides for the induction of two ex-officio directors and three independent directors. The company is mandated to support national environmental protection, conservation, and climate resilience by facilitating the mobilization and transparent utilization of domestic and international climate finance.
Pharmaceutical Export Council Proposal Deferred
During the session, the committee evaluated a proposal from the Ministry of Commerce to establish the Pakistan Pharma Export Promotion Council as a Section 42 company under the Companies Act, 2017, operating under the administrative control of the Trade Development Authority of Pakistan (TDAP).
However, the committee deferred the proposal, directing the Ministry of Commerce to undertake broader consultations with pharmaceutical manufacturers, industry associations, and regulatory stakeholders before resubmitting the framework for formal approval.
