Islamabad, Feb 6: Habib Bank Limited (PSX: HBL) has disclosed that the deferred portion of variable compensation for Material Risk Takers (MRT), Material Risk Controllers (MRC), and designated General Managers (GMs) is held in a trust pool.
This pool contains HBL shares, acquired from the open market through a brokerage firm on behalf of the trust. According to the bank’s filing, one-third of the deferred variable compensation for each year is released annually, with the corresponding shares transferred to the respective employees.
However, For the year 2023, the first batch of deferred compensation involved the transfer of 1.178 million HBL shares to 136 employees’ CDC accounts. In addition, as part of the second batch for 2022, 1.53 million shares were credited to 131 employees.
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Regarding the third tranche of deferred compensation for 2021, 808,074 shares were allocated to 116 employees.
Although, these shares were transferred at rates of Rs. 172.35 on February 3, 2025, and Rs. 169.54 on February 4, 2025, through M/s. Akhtar and Hassan (Pvt) Limited, acting as trustees via the brokerage house.
The bank affirmed that all applicable rules and regulations are fully adhered to, including compliance with PSX Regulations and the Securities Act of 2015, ensuring the proper handling of these transactions.
