ISLAMABAD: Top officials of the ministry of finance continue to enjoy benefits of the corporate sector by holding positions as directors on the boards of private and semi-government enterprises.

According to official documents, as many as 30 officials of the ministry, including the finance secretary and joint secretary, serve on boards of about 100 companies in both government and private sectors.

The Pakistan Muslim League-Nawaz government has set the maximum limit of fee and honorarium which the officials of the finance ministry receive to be on the boards, they still can draw up to Rs600,000 per annum, besides their regular salary.

According to an official account, in some cases the payment was made in foreign currency.

“The finance ministry still needs reforms because this practice adversely affects its monitoring role and efforts to enforce government rules and financial discipline, notably in the corporate sector,” a retired bureaucrat said.

The logic behind keeping finance ministry officials on the boards of companies is to ensure that these observed government rules. But officials’ hefty fee/honorarium and perks like staying in luxury hotels compromised their position. Quite often, private companies held their board meetings in foreign countries to please the officials, the bureaucrat said.

“Mr Dar has done a good thing setting the limit of honorarium, but he needs to do more to curb this practice and make government officials focus on their basic job, instead of enjoying free lunches,” a retired federal secretary said.

The Finance Secretary, Dr Waqar Masood Khan, is serving as ex-officio member of the boards of Securities and Exchange Commission of Pakistan, Pakistan Dairy Development Company, National Industrial Parks Development & Management Company, Pakistan Stone Development Company, Faisalabad Garments City Ltd, National Logistic Board, National Highway Council and Pak-China Investment Company.

Additional Finance Secretary Dr Shujaat Ali is representing the government on the boards of the National Bank of Pakistan, National Highway Authority, Pakistan Television Corporation and Pakistan Broadcasting Corporation.

Another Additional Finance Secretary, Azra Mujtaba, serves on the board of the NLC Investment Committee, Universal Services Fund, National Telecommunication Corporation, Pakistan Industrial Development Corporation, NES Pak, Pakistan Steel Mills and Sui Southern Gas Limited.

Joint Secretary Ahmad Hussain is ex-officio member of the boards of Technology Upgradation and Skill Development Company, Pakistan Tobacco Board, Gujranwala Tools/Dyes and Mould Centre, National Fertiliser Marketing Company, Telephone Industry of Pakistan, National ICT & R&D Fund, NLC Investment Company and Mechanised Construction Company.