The Punjab Privatization Board was created through an Act, (Punjab Privatization Board Act, 2010) with the charter to undertake the privatization / disinvestment / sale of industrial units, other enterprises and assets / properties owned by the Government of the Punjab. The governance of Punjab Privatization Board is done through an eleven member Board consisting of Government Sector, Provincial Assembly, Private Sector and professional experts. The Board has privatized / sold properties worth Billions of Rupees in previous 20 years. A transparent privatization policy has been developed and incorporated in the Punjab Privatization Board Regulations 2013, and 2015.
Initially, the government envisioned privatization as a two tier system. Beside Punjab Privatization Board, a Cabinet Committee on Privatization (CCOP) was also constituted .The Committee was the final authority for approval of the privatization proceedings of the Punjab Privatization Board. Subsequently, the two tier system was done away by abolishing the Cabinet Committee on privatization and the Punjab Privatization Board was reconstituted on Feburary 22nd, 2000.