A comprehensive bailout package for revitalization of PSM was decided by CCOR
CCOR was constituted to curtail to a maximum extant the annual losses to the tune of Rs 243 billion, incurred by these PSEs through their restructuring.
The CCOR also decided that ministers, secretaries or government officials are not to be nominated as chairpersons of the Board of Directors.
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The short listing of the CEO, preparation of Business Plan by Pakistan Steel Mills, Board of Directors, Management and other measures to identify international collaboration and basic capital required for achieving higher rate of capacity utilization of the Mills had been discussed by CCOR
It was also decided that the CCOR
on PSEs meeting shall be held regularly on weekly basis to know the ongoing work and development in this regard.
The meeting of CCOR
of Public Sector Enterprises held here under the chairmanship of Federal Minister for Finance Dr.
guidelines state that the size of the proposed BODs may range between 8 to 10 members.
Sania Nishtar, President, Heartile NGO, Shaukat Malik, Accountant, Member, Engineering, CDA, businessman Muhammad Khalid Qureshi, CEO, IESCO, Asjad Imtiaz Ali, Member (Technical), Federal Flood Commission, Representative of CCOR
, and Member, Privatization Commission Board.
It was also decided that the formation of independent and professional Boards of Directors and appointment of CEOs would be proposed by the line Ministry in consultation with the CCOR
and the restructuring plan would be presented by each Ministry to the Cabinet for decision.
In this regard the CCOR
finalized a proposed road map with a time line which would soon be submitted to the Prime Minister for final approval.
The Economic Reform Unit of Finance Division will be the Secretariat of the Cabinet Committee on CCOR