PASSCO was established in 1973 and commenced its operations in May, 1974. It was registered as a Public Limited Company with authorized capital of Rs. 100 million and paid up capital of Rs. 30 million. 75% of paid up capital was contributed by five Commercial Nationalized Banks and ADBP (now ZTBL) and balance 25% was subscribed by the Federal Government. The Board of Directors (9 in No), who are appointed by the shareholders, control the Corporation. Secretary Ministry of National Food Security & Researches Government of Pakistan Islamabad is the ex-officio Chairman of the Board of Directors and Managing Director is Ex-officio Director of the Board.