The Privatization and Corporatization Board (PCB) on Monday, April 21, 2025 announced a new policy that seeks to relax the hiring criteria for Chief Financial Officers (CFOs) and Chief Internal Auditors (CIOs) of state-owned enterprises (SOEs).
The move aims to enhance more opportunities for local professionals educated and looking for career opportunities in those fields.
PCB said this new policy reflects a set guideline for hiring and firing CFOs and CIOs to state-owned enterprises, and to address the challenges these corporations face in hiring professionals for the designations. It also added that the ‘minimum requirement’ policy aims to encourage more individuals trained and educated in the field to apply for the positions in future.
The SOE watchdog also said that this policy aims to ensure that the personnel hired for these posts are capable and accountable to the shareholders and stakeholders of the companies they represent.
The policy is applicable to the following companies:
- 100% state-owned enterprises
- Listed stated-owned enterprises
- Companies with state’s majority share
- Unlisted state-owned enterprises