The Federal Government has reconstituted Boards of four power Distribution Companies (Discos), i.e., Gujranwala Electric Power Company (GEPCO)), Lahore Electric Supply Company (LESCO), Faisalabad Electric Supply Company (FESCO) and Multan Electric Power Company (MEPCO).
The reconstitution of Discos Boards has been made after their evaluation in the light of performance contracts and recommendations of Senate Standing Committee on Power, which was continuously urging Power Division to remove Boards as most of the members remained associated with KE at the same time as Tabish Gauhar. Ministry of Energy (Power Division) is the administrative line Ministry for ten Distribution Companies (Discos).
The affairs of these Companies are governed under the provisions of the Companies Act 2017 and the Public Sector Companies (Corporate Governance) Rules, 2013 through a Board of Directors nominated by the Government of Pakistan, as per provision of Section 165 of the Companies Act, 2017. As per CGR, 2013 all these Boards have Independent Directors representing at least l/3 of its total members who meet the fit and proper criteria which includes that the person should be a graduate, a person of repute with financial integrity, not have been convicted, not have any conflict of interest nor is a political office holder, and is registered with Pakistan Institute of Corporate Governance (PICG) as required under Section 166 of Companies Act, 2017.
Source: This news is originally published by brecorder