PIA Board of Directors Approves Govt’s Privatization Plan

The Board of Directors of Pakistan International Airlines (PIA) has approved the federal government’s plan to privatize the flag carrier following a 4-hour long meeting, high-level sources told ProPakistani. Sources said talks were focused on the fate of PIA employees, with suggestions to retire those left with 4 years on their tenure, alongside a voluntary retirement scheme prior to privatization. The PIA board meeting was briefed on the findings of a report by Ernst & Young, the financial advisor for the airline’s privatization. The PIA board had been inactive since October 2023, until the recent approval of a new board of directors by the federal cabinet. According to SECP regulations, board endorsement is imperative for major decisions concerning PIA. It bears mentioning that PIA announced on Monday that it had restructured its board of directors, with five new members joining its ranks.