Habib Bank Limited transfers 2.72 million in deferred compensation to employees

February 07, 2023 (MLN): Habib Bank Limited (HBL) has transferred deferred compensation of 2.72 million into the accounts of relevant employees, according to a notice by the PSX.

In the first tranche of the 2021 deferred compensation, 1,007,995 shares of the bank were credited to 127 employees.

In the second tranche of the 2020 deferred compensation, 881,513 shares were transferred to 121 employees.

In the third tranche of the 2019 deferred compensation, 840,377 shares were credited to 101 employees at rates of Rs72.41 and Rs72.98 for shares transferred on February 1 and 2, 2023, respectively.

The deferred compensation is based on the bank's Risk Aligned Remuneration Policy for Material Risk Takers and designated General Managers, which involves vesting in trust in the form of HBL shares purchased from the open market.

Each year, 1/3 of the deferred variable compensation vests and the corresponding HBL shares are transferred to relevant employees.

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