Pakistan decided to revive the Clean Environment Fund Company, dormant for over ten years, to collect money for environmental protection work. This step follows ongoing difficulties for Pakistan in boosting its environmental score, placing it near the bottom of the global environmental index.
Finance Minister Muhammad Aurangzeb led the Cabinet Committee on State-Owned Enterprises, which cleared this action. The panel also greenlit new board member appointments for various state-owned businesses.
The committee accepted a proposal from the Ministry of Climate Change and Environmental Coordination to put the Clean Environment Fund Company back into operation under the Pakistan Environmental Protection Agency, based on an official announcement. The strategy involves naming two ex-officio directors and three independent directors to the board of the company.
Set up in 2015 via Section 42 of the Companies Ordinance, the Clean Environment Fund Company started as a non-profit organization to aid environmental protection, conservation, rehabilitation, and enhancement. Its main goal involved gathering and spending money on environmental programs.
State auditors issued multiple warnings about statutory violations, yet the firm stayed dormant. The Auditor General of Pakistan pointed out that the Clean Environment Fund Company missed its main targets because it failed to hold board meetings and stayed inactive. The business also broke the legal rule requiring annual general meetings under Section 132 of the Companies Act.
