CEO of State-Owned Enterprise Receives Over Rs. 350 Million in Benefits in Just 32 Months

Islamabad: A chief executive officer (CEO) of a state-owned enterprise (SOE) has reportedly received over Rs. 350 million in benefits over the span of 32 months, despite having a monthly salary of only Rs. 500,000. The CEO, who was appointed in 2022 by the federal government at the Special Professional Pay Scale III, was granted excessive allowances, bonuses, and other financial perks approved by the board.
According to senior journalist Ansar Abbasi’s report in *Jang* newspaper, the CEO was appointed to the SOE, a financial services firm linked to the insurance sector. Shortly after taking office, the board approved several generous packages, including performance bonuses totaling Rs. 27.5 million and other financial allowances that led to a staggering Rs. 350 million in benefits within just 32 months.
The report further revealed that a year after the CEO’s appointment, the board approved an increase of Rs. 1.9 million to his monthly salary, adding an additional financial burden of approximately Rs. 52 million. This hike also included retroactive payments of Rs. 18 million for the period from January 2023 to October 2023.
In April 2025, as his tenure concluded, the CEO made a self-approval for an additional Rs. 52.3 million in payments, including severance pay of Rs. 28.8 million, despite voluntarily resigning to join another state-owned company. Additionally, he received payments for leave fair assistance, gratuity, car monetization allowances, and other benefits, amounting to a total of over Rs. 310 million in just over two and a half years.
The CEO also undertook 23 foreign trips to countries including the UAE, UK, Germany, Singapore, Australia, Azerbaijan, Malaysia, Hungary, Kazakhstan, Qatar, and Saudi Arabia. These trips cost the company Rs. 58.6 million, although most of them were deemed unnecessary given the scope of the company’s business.
This situation has raised concerns about possible similar cases in other state-owned enterprises, with sources warning that governance frameworks under the 2023 SOE Act may have inadvertently facilitated the abuse of power and excessive benefits, especially through “independent directors” brought in from the private sector.