The Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Finance Minister Senator Muhammad Aurangzeb, has approved the appointment of new independent directors to the boards of Pakistan Petroleum Limited (PPL) and Oil & Gas Development Company Limited (OGDC).
The committee held its meeting at the Finance Division on August 20, 2026, where it considered proposals concerning the composition of the boards of the two major state-owned energy companies. The approvals cover one vacant independent director position at PPL and three independent director positions at OGDC.
For PPL, the committee approved a Petroleum Division proposal to nominate an independent director to fill a vacant seat on the company’s Board of Directors. The appointment has been made in accordance with the State-Owned Enterprise Policy 2023, which provides the framework for governance and board appointments at state-owned enterprises.
The appointment is intended to address the vacant position on PPL’s board and maintain the required governance structure of the state-owned petroleum company. PPL is among Pakistan’s key entities operating in the oil and gas sector, making board-level governance an important component of the company’s overall oversight and management framework.
In the case of OGDC, the committee approved nominations for three independent director positions on the company’s Board of Directors. The decision will fill multiple positions on the board and forms part of the government’s process for maintaining appropriate representation and oversight at one of the country’s major state-owned energy companies.
The approvals for both companies were taken during the meeting chaired by Finance Minister Muhammad Aurangzeb. The Cabinet Committee on State-Owned Enterprises is responsible for considering matters related to the governance and management of state-owned enterprises, including issues concerning board structures and appointments.
The decisions come under the broader governance framework established for Pakistan’s state-owned enterprises. The reference to the State-Owned Enterprise Policy 2023 in the PPL appointment highlights the government’s continued use of the policy framework when making changes to the boards of state-owned companies.
PPL and OGDC remain significant participants in Pakistan’s oil and gas industry, with their operations linked to the country’s energy supply and petroleum sector. Changes to their boards therefore form part of wider corporate governance arrangements within the state-owned enterprise sector.
The committee’s August 20 meeting specifically focused on approving the independent director nominations and addressing vacant or unfilled positions on the boards. While the announcement did not provide further details regarding the names or professional backgrounds of the nominated directors, the approvals establish the basis for the appointments to proceed under the applicable government framework.
The appointment of independent directors is also relevant to board oversight, as independent members are expected to provide an objective perspective on corporate matters and contribute to governance and accountability. For state-owned companies such as PPL and OGDC, board composition remains an important part of the government’s approach to managing public-sector enterprises.
With the latest approvals, one independent director position at PPL and three independent director positions at OGDC have received clearance from the Cabinet Committee on State-Owned Enterprises. The decisions were approved at the Finance Division meeting chaired by Finance Minister Senator Muhammad Aurangzeb.
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