Abstract
Primary objective of a government is to ensure provision of public services to the entire nation and by developing mechanisms to make sure that impartiality is exercised in execution of different tasks. State has the responsibility to protect and serve the best possible interests of the public. On the other hand, it is the responsibility of people to obey all the laws constituted by the government, hence a social contract or public contract comes into existence where both parties have some responsibilities towards one another. One part of this social contract and provision of its services is accomplished through public sector organizations. Thus, a societal relationship is developed. There are examples in the world where public entities have performed tremendously in order to prove themselves as global companies. Examples of these are Haier, Dubai Ports, Temaesk (also have contribution in SingTel and Singapore Airlines), Emirates Airline, Malaya Petronas and China National OFFSHORE Oil Corporation (CNOOC). These global companies have proved themselves as best companies in terms of employee retention, customer satisfaction and in contributing towards boosting up economy and interestingly all these giant organizations are state-led institutions excelling in their domain challenging the idea of shifting ownership from public to private hands in order to ensure higher performance. Examples of such previously well performing companies from Pakistan include PTCL (formerly state-owned), Pakistan National Shipping Corporation (PNSC), National Bank of Pakistan (NBP) and Pakistan International Airlines (PIA).