The Board of Directors of the National Bank of Pakistan today approved Rs 5 million plus monthly pay and perks for the President of the NBP.
State Bank of Pakistan holds 75 percent majority shares in the NBP, and the SBP has a dominant role in the Board of Directors of the NBP. The State Bank proved more generous for the new President of NBP Saeed Ahmad than the previous President Ahmed Iqbal Ashraf who was getting less pay and perks than Saeed Ahmed.
Annually the President of NBP Saeed Ahmed would get 60 million plus pay and perks from the bank that does not include his other allowances like official residence, the fleet of expensive cars/their petrol, utility bills, etc.
Actually, the appointment of Saeed Ahmed as President of National Bank was not less than a big lottery for him, because he was getting from the State Bank less than 1.5 million per month as Deputy Governor from where he was posted as President of the National Bank as a reward for being loyal to the royal ruling family of Nawaz Sharif.
The Board of Directors of NBP today also approved the appointment of Farid Malik as Member of the BoD to represent the minority shareholders, and he was appointed by the Ministry of Finance directly.
Instead of seeking name from the minority shareholders, the State Bank’s representatives in the BoD got the go-ahead from the extraordinary general meeting of the BoD of the NBP and approved the appointment of Farid. The EOGM was held on 15th May in Karachi at the Pearl Continental.
Being Chairman of the BoD, National Bank President Saeed Ahmad chaired the meeting of the EOGM of the National Bank.
Minority shareholders raised objections to increase the salary of NBP President and appointment of the new Member of the BoD saying that if the Finance Ministry and State Bank are supposed to take direct decisions then what is the purpose of inviting the minority shareholders in the EOGM.
In the EOGM the BoD also increased the amount to be paid to each member of the board for participation in the meeting.