PCB announces formation of expert pool of directors

The Privatization and Corporatization Board (PCB) has announced the formation of a pool of directors experienced in accounts and finance for the boards of government-owned companies. This initiative aims to strengthen the boards and internal audit committees of these companies. The PCB made the announcement via a press release.

The statement highlighted that the PCB seeks directors with expertise in accounts and finance to enhance the audit committee's effectiveness and guide companies in strengthening internal controls, risk management, and financial viability. The change aims to ensure that boards have professionals recognized by the International Federation of Accountants (IFAC).

PCB appoints directors as non-executive members to the boards of government-owned companies. Directors will be selected from the pool based on their education and experience, following the criteria set by the PCB.

The PCB has opened applications for inclusion in the pool of directors, with a deadline of 1300hrs on 15 July 2024. Additionally, the PCB has drafted a policy to formalise the appointment of directors for government-owned companies into a constitutional act.