NBP shareholders approve compensation package of President/CEO Imran Sarwar

MG News | October 23, 2026 at 02:40 PM GMT+05:00

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October 23, 2026 (MLN): National Bank of Pakistan (PSX: NBP) shareholders approved a 2026-29 compensation package for President and CEO Imran Sarwar at an Extraordinary General Meeting (EGM), with a gross salary of Rs9.5mn per month.

The package takes effect from September 09, 2026, the date he assumed office, and is subject to deduction of applicable taxes.

The performance bonus will be based on Key Performance Indicators (KPIs) approved by the shareholders, with the evaluation for each year to be conducted and approved by the Board.

The agenda item on approving the President/CEO’s KPIs for 2026 was withdrawn at the meeting.

Shareholders also elected Muhammad Afzal as a director from the private shareholders for three years from October 22, 2026, subject to clearance from the State Bank of Pakistan (SBP).

He secured 213,498,993 votes, or 75.45% of the 282,961,201 votes cast.

He fills the vacancy left by Farid Malik, who completed his term.

Compensation package of Imran Sarwar (2026-29)

Subject	Details
Gross salary	Rs9.5mn per month
Variable salary / annual performance bonus	Based on KPIs approved by shareholders; evaluation approved by the Board
House rent allowance	Rs1mn per month in lieu of concessional staff home loan
Utilities, security, domestic help	Utilities at actual; two telephones at residence and two mobile phones with monthly bills at actual; four security guards (two guards on 12-hour shifts) at residence; salary of five domestic help at Rs150,000 per month on reimbursement basis
Home furnishing allowance	One gross salary, payable once during tenure
Vehicles and fuel	Two vehicles: an entitlement vehicle up to 3,500cc and a second from the bank’s pool; fuel at actual. He can buy the entitlement vehicle at 10pc of cost or written down value (WDV), whichever is higher, on expiry of the contract
House loan	Not availed by the incumbent
Drivers	Two drivers provided by the bank, or salary of two drivers reimbursed at Rs45,000 per driver per month
Leave entitlement	30 days annual leave and 18 days casual/sick leave per year; annual leave can be accumulated up to 90 days and encashed on last drawn gross salary
Generator at residence	Up to Rs1.5mn, to be amortized over the contract period
Official travel/expenses	As per the bank’s travel policy for senior executives
Medical	Medical/dental coverage for self and dependent family within Pakistan on reimbursement basis at actual
Group/life insurance	Rs30mn life cover during the contract; premium shared 50:50 between the President/CEO and the bank
Terminal benefits	Gratuity of one month’s last drawn gross salary for each year of service; six months or more counted as a completed year
Club membership	Entry fee for two clubs of his choice, and subscription and other charges of three clubs, paid by the bank
Salary and benefits review	Package remains fixed during the tenure
Separation	If the employer terminates the contract early, he is paid for the remaining unexpired term; on resignation, he goes on three months’ gardening leave as part of the notice period

The aforementioned information was disseminated through a notification to Exchange.

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