The Senate Finance Committee, chaired by Senator Saleem Mandviwalla, on Wednesday reviewed the payment of over Rs. 260 million in salaries and allowances to the Chairman and Commissioners of the Securities and Exchange Commission of Pakistan (SECP), sparking intense debate over transparency and legality.
Senator Anusha Rehman questioned whether the government had obtained cabinet approval for the payouts, noting that additional benefits such as a 10% medical allowance and utility bills capped at 10% of salaries were also included. She pressed for clarity on the principles used to justify these perks.
In response, the Secretary of Law stated that the matter was reviewed in the Human Resource Committee and that the SECP Act authorizes the board to approve salary increases. However, Senator Rehman criticized the absence of objections during those discussions.
SECP Chairman clarified that a salary review conducted by KPMG had recommended a 60% hike, but the commission settled on a 30% increase in line with its public sector role. He emphasized that he does not participate in board meetings concerning salary matters.
Senator Mohsin Aziz also voiced concerns over the rising pay packages, while Senator Rehman warned that including private sector members in the SECP could set a precedent for other state institutions.
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The committee decided to defer the issue until the Secretary of Finance joins the next meeting for further clarification.
