The decision to privatize Pakistan International Airlines (PIA) has been greenlit by the Board of Directors after a lengthy four-hour meeting, as revealed by high-level sources to ProPakistani. During discussions, considerable attention was directed towards the future of PIA employees, with proposals suggesting the retirement of those with less than four years remaining on their tenure, alongside the implementation of a voluntary retirement scheme preceding the privatization process.
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Informed by insights gleaned from a report by Ernst & Young, the financial advisor overseeing the airline’s privatization, the PIA board members were briefed comprehensively during the meeting. Notably, the PIA board had been relatively inactive since October 2023, until the recent constitution of a new board of directors, officially endorsed by the federal cabinet. This move adheres to the regulations stipulated by the Securities and Exchange Commission of Pakistan (SECP), mandating board approval for significant decisions concerning PIA’s future trajectory.
It is noteworthy that PIA, on Monday, made public its restructuring of the board of directors, with the addition of five new members to augment its composition.
