(MRTs)/(MRCs), GMs: HBL delineates deferred compensation policy

KARACHI: Habib Bank Limited (HBL) has informed that in accordance with the Risk Aligned Remuneration Policy of the bank, the deferred component for the variable compensation for Material Risk Takers (MRTs)/Material Risk Controllers (MRCs)/ designated General Managers (GMs) of the bank is vested in a pool under a Trust, in the form of HBL shares purchased from the open market by a brokerage house, on behalf of the Trust.

Each year, 1/3rd of the deferred variable compensation for a given year will vest and the corresponding HBL shares would be transferred to the relevant employees, material information sent to Pakistan Stock Exchange on Tuesday said.

Accordingly, as part of the first tranche of the deferred compensation for the year 2022, 1,733,443 shares of the Bank have been credited into the CDC accounts of 137 employees, as part of the second tranche of the deferred compensation for the year 2021, 942,114 shares of the Bank have been credited into the CDC accounts of 121 employees and as part of the third tranche of the deferred compensation for the year 2020, 823,380 shares of the Bank have been credited into the CDC accounts of 116 employees at the rate of Rs. 111.72 for the shares transferred on February 1, 2024 and Rs. 111.87 for the shares transferred on February 2, 2024, by M/s Akhtar and Hassan (Pvt) Limited, one of the trustees, through Brokerage House.

Furthermore, all the applicable rules, regulations would be duly complied including the obligations under PSX Regulations and the Securities Act 2015 by the Bank and its employees.

Copyright Business Recorder, 2024