The Senate Standing Committee on Finance and Revenue has approved a bill aimed at providing clearer guidelines for the management and governance of state-owned enterprises (SOEs). Chaired by Senator Saleem Mandviwalla, the meeting was held at the Parliament House in Islamabad. The bill, titled the State-Owned Enterprises (Governance and Operation) (Amendment) Bill, 2024, was initially introduced by Senator Anusha Rehman Ahmed Khan in November 2024. Discussions centered on Section 3(1) of the SOE Act 2023, which applies to public sector companies (PSCs) and other entities controlled by the federal government. A key issue was that the Act does not extend to entities where the federal government’s shareholding falls below 51% following privatization. While the Ministry of Finance argued the clause was sufficient, Senator Anusha Rehman highlighted the need to clarify SOE definitions to address legal ambiguities for privatized entities. The committee unanimously approved the amendments, with members emphasizing the importance of adaptive laws to serve the public better.
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The meeting also addressed the Federal Board of Revenue’s (FBR) controversial decision to purchase 1,010 vehicles, which drew strong criticism from the Senators. Senator Faisal Vawda condemned the purchase, calling it a misuse of public funds amid a tax collection shortfall of Rs384 billion. He urged the committee to halt the purchase and suggested writing to Prime Minister Shehbaz Sharif to stop the process, advocating for a transparent bidding system for future acquisitions. FBR officials defended the decision, stating it had been approved by the Economic Coordination Committee (ECC) and the Cabinet. However, the committee remained firm in its objection. Senator Vawda warned that he would escalate the matter to accountability institutions like NAB and FIA if the purchase proceeded, calling for a thorough investigation into the issue.
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