The Privatization and Corporatization Board (PCB) announced on Saturday, November 18, said that the new administration can commence appointment of managing directors to state-owned enterprises (SOEs) only after a sufficient number of members have been appointed to the board to meet the quorum.
According to the Constitution, managing directors of SOEs can be appointed after PCB approves the names recommended by the President. The approval of names are executed during PCB meetings, while the government independently cannot appoint managing directors to the companies.
Vice President of PCB Ahmed Firaaz said that though the law states board should have five members to fit the quorum, they only have three active members right now. It has been over three months since PCB has failed to meet the required quorum.
A total of seven members have to be on the board as per the law.
“We can’t go ahead with a board meeting. The PCB Act states that the quorum is five members. So, we can have a meeting with five members,” Firaaz said.
Appointment of members to the PCB falls on the President as part of his executive discretion.
