HBL’s variable compensation for key personnel held in Trust

February 06, 2025 (MLN): The deferred component for the variable compensation for Material Risk Takers (MRT) / Material Risk Controllers (MRC) / designated General Managers (GM) of Habib Bank Limited (PSX: HBL) is vested in a pool under a Trust, in the form of shares purchased from the open market by a Brokerage House, on behalf of the Trust.

Each year, 1/3rd of the deferred variable compensation for a given year will vest and the corresponding HBL shares will be transferred to the relevant employees, the company's filing on PSX revealed today. 

The shares were transferred at the rate of Rs172.35 on February 03, 2025, and Rs169.54 on February 04, 2025, by Akhtar and Hassan (Pvt) Limited, one of the trustees, through a Brokerage House.

Accordingly,as part of the first tranche of the deferred compensation for the year 2023, 1.17 million shares of the Bank have been credited to the CDC accounts of 136 employees.

As part of the second tranche of the deferred compensation for the year 2022, 1.53mn shares of the Bank have been credited to the CDC accounts of 131 employees.

While as part of the third tranche of the deferred compensation for the year 2021, 808,074 shares of the Bank have been credited to the CDC accounts of 116 employees at the rate of Rs172.35 for the shares transferred on February 03, 2025, and Rs169.54 for the shares transferred on February 04, 2025, by Akhtar and Hassan (Pvt) Limited, one of the trustees, through a Brokerage House.

Furthermore, all the applicable rules and regulations would be duly complied including the obligations under PSX Regulations and the Securities Act 2015 by the Bank and its employees.

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