Parliament has legislated an Act called The State-Owned Enterprises (Governance and Operation) Act, 2023 to regulate, govern and make the operation of these enterprises efficient, appropriate, quality-basid and effective. A comprehensive mechanism has been incorporated in the said Act to carry on the purpose of the Act. The Act has been made applicable to all public sector companies as defined in section 2 (54) of the Companies Act, 2017. A board has to be constituted in each public sector company to overlook the overall progress and performance of that company. Similarly, Federal Government has been conferred with the role and power a shareholder enjoys in a company. Further, there must monitoring unit to monitor, among others, the overall progress and performance of the sate-owned enterprises. For the purpose of implementation of the said Act, the Federal Cabinet has to establish a committee.
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