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CFOs, COOs should be inducted on merit
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SOEs to be improved before privatisation: Waqar
ISLAMABAD: Federal Minister for Privatisation, Senator Waqar Ahmed Khan said Thursday that Council of the Common Interest (CCI) has given approval for privatisation of 58 state-owned enterprises (SOEs).
He said experienced, efficient and competent Chief Financial Officers (CFOs) and Chief Operating Officers (COOs) should be appointed on merit in these institutions.
He stated this while talking to newsmen here Thursday. The minister said that through privatisation process, government wanted to improve the efficiency and performance of the State Owned Entities so that they could contribute to the national exchequer instead of causing a loss of billions of rupees to it.
"We want to make these entities profitable assets of the country for the relief of the people", he remarked.
"We want to realise maximum potentials of the SOEs by enhancing their cash value through value addition, besides enhancing their efficiency and competitiveness for getting higher prices in the process of privatisation for the benefit of the country".
Senator Waqar said, "We want to develop these SOEs by improving their performance through restructuring and value addition".
He said that foreign and strategic investors are eager to invest in Pakistan due to its investment friendly policies, opportunities and political stability.
He further stated that the government has already decided the restructuring of the institutions including PIA, Pakistan Railways, Pakistan Steel Mills and Pepco, and suggested for transparent formation of boards to restructure the loss incurring institutions.
The CFOs and COOs shouldn't be political appointees and they should be based on merit to run the boards in a transparent manner," he added. Senator Waqar said that President and Prime Minister were taking keen interest in the welfare of the workers of these entities.-APP
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