Habib Bank Limited (HBL) has credited over 3.5 million shares to its employees as part of its Risk Aligned Remuneration Policy, which provides deferred variable compensation to Material Risk Takers (MRT), Material Risk Controllers (MRC), and designated General Managers (GM), according to a filing at the Pakistan Stock Exchange (PSX) on Thursday.
“The deferred component for the variable compensation for Material Risk Takers/Material Risk Controllers/designated General Managers 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,” read the HBL notice sent to the PSX.
Each year, one-third of the deferred variable compensation for a given year will vest and the corresponding HBL shares would be transferred to the relevant employees, the bank said.
Accordingly, as part of the first tranche of the deferred compensation for the year 2023, 1,178,499 shares of HBL have been credited into the CDC accounts of 136 employees.
According to the bank’s disclosure, the first tranche of deferred compensation for 2023 saw 1,178,499 shares credited to the CDC accounts of 136 employees.
Similarly, the second tranche for 2022 involved 1,533,602 shares allocated to 131 employees, while the third tranche for 2021 transferred 808,074 shares to 116 employees.
The shares were transferred at a price of Rs 172.35 per share on February 3, 2025, and Rs 169.54 per share on February 4, 2025, through M/s. Akhtar and Hassan (Pvt) Limited, acting as one of the trustees.
