The new administration will need to make appointments to the Privitization and Corporatization Board (PCB) before appointments can be made to key positions at state-owned enterprises (SOEs), the agency said on Saturday. Enough members have to be appointed to enable the SOE regulator to form a quorum of at least five members.
According to the legislative requirement, managing directors of government companies can only be appointed after the PCB approves names sent to the agency by the President.
PCB Vice President Ahmed Firaz confirmed to local media that the PCB board currently has three members and has not had a quorum for three months.
“A board meeting cannot be held. The PCB Act stipulates that the quorum is five. Therefore, a meeting can be held with five members,” he said.
Firaz expressed hope that the President will pay special attention to appointing enough members that will allow for a quorum to be met and thus enable the agency to move forward faster.
Members to the PCB board are also made by Presidential appointment.
Although the PCB operates as an independent body, its board has delegated the authority to appoint managing directors to companies suo moto. The PCB, however, retains the discretion to approve or reject nominees proposed by the President to lead SOEs.
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