820,919 shares allotted to HBL’s employees as deferred compensation for year 2020

February 9, 2022 (MLN): As part of the first tranche of the deferred compensation for the year 2020, 820,919 shares of the Habib Bank Limited (HBL) have been credited into the CDC accounts of 121 employees at the rate of Rs121.68 by Akhtar and Hassan (Pvt) Limited, one of the trustees of the fund, through the brokerage house, the bank’s filing on PSX showed on Wednesday.

Meanwhile, as part of the second tranche of the deferred compensation for the year 2019, 750,798 shares of the bank have been credited into the CDC accounts of 102 employees at the same rate, the notification added.

This is in accordance with the Risk Aligned Remuneration Policy of the Bank, the variable component for Material Risk Takers (MRT) / Material Risk Controllers (MRC) / designated General Managers (GM) of the bank for a given year is vested in a pool under the 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 this deferred variable component for a given year will vest and the corresponding HBL shares would be transferred to the relevant employees.

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