Law: Public Sector Companies (Corporate Governance) Rules 2013

Section: 1,3,2(d),2(g)

Law: Constitution of Pakistan, 1973

Section: 199,189

Law: Companies Ordinance, 1984

Section: 183

(a) Public Sector Companies (Corporate Governance) Rules 2013--- ----Rr. 1, 3, 2(d), 2(g) & Annexure---Companies Ordinance (XLVII of 1984) S. 183---Constitution of Pakistan, Arts. 199 & 189---Constitutional petition----Public Sector Company---Appointment of Chief Executive Officers (CEOs) of Power Distribution and Supply Companies (DISCOs)----Authority of Federal Government to make such appointments---Independence of Board of Directors of such companies---Criteria for determining a 'Fit And Proper Person"----Scope---Petitioners impugned advertisement issued by Federal Government for recruitment of CEOs for LESCO and FESCO---Question raised by the petitioners was, inter alia, whether the Federal Government had any authority to initiate and finalize appointment process for said posts---Validity---Under the Companies Ordinance, 1984, the Federal Government, could as the principal shareholder of public sector companies, exert influence on their management, through its appointed Directors---Rather than acting through Boards, the Federal Government had exaggerated its role in the affairs of DISCOs and adverse consequences thereof had followed with the Federal Government's direct interference in the management of power sector companies through ad hoc measures---Compliance with duties imposed by the Companies Ordinance, 1984 would foster management independence and accountability and therefore bring efficiency and transparency in affairs of DISCOs and the Public Sector Companies (Corporate Governance) Rules, 2013 were tailored for regulating governance of such companies, and, DISCOs fell squarely within the ambit of said Rules---In the context of appointments to senior posts in public sector entities, the law had moved ahead by requiring a transparent, meritorious and competitive process of selection for senior management posts of, inter alia, public sector companies----Impugned advertisement assuming exclusive power of appointment by the Federal Government, was issued in excess of lawful authority and under Public Sector Companies (Corporate Governance) Rules, 2013, successful candidate for CEO must fulfil the standards of "fit and proper person" given in the…

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