ISLAMABAD: The former chief executive officer (CEO) of a state-owned enterprise (SOE), who drew a staggering Rs355 million in salary and perks in just 32 months — all “legally” with the blessings of his board -- is rewarded with yet another lucrative assignment as head of another SOE.
What makes the case suspicious is the fact that both the SOEs fall under the same ministry, whose top bosses including the minister didn’t take any action on the story filed by The News exposing the unprecedented largesse enjoyed by the CEO in the previous government entity.
Prime Minister Shehbaz Sharif has though set up a committee to review the governance and financial matters of all the government SOEs, no inquiry is ordered to probe how public money is pocketed by top bosses of these entities. Documents available with The News show the CEO’s package in the present SEO is too lucrative and is not even matched by any of the top constitutional office holders of the country. The lucky CEO’s monthly salary is Rs3 million and his perks include two company-maintained vehicles including a locally assembled SUV of his choice with a dedicated driver, and a second 1800cc car with another driver; a fuel ceiling of 500 litres a month; if the drivers are not availed, he will be paid their salaries; allowed business-class domestic and international travel with five-star hotel stays and daily allowances as per policy; full coverage for self, spouse, parents, and children; 15 casual, 18 medical, and 30 earned leaves annually; group life insurance worth Rs10 million; mobile phone with bills paid; company laptop; reimbursement for club memberships of his choice (up to two) (each costing millions), one bodyguard and two armed guards in 12-hour shifts; and any other perks as may be approved by the board.
In the previous SOE, the same was appointed in 2022 on a Special Professional Pay Scale III package with a fixed salary of Rs500,000, went on to pocket over Rs354 million in perks and allowances in just 32 months.
The SOE’s board — empowered under the SOE Act, 2023 -- approved hefty bonuses, allowances and privileges that ballooned his take-home benefits far beyond his fixed salary. These included fixed bonuses of Rs56.3 million, performance bonuses of Rs27.5 million, retrospective pay enhancements worth Rs52 million, and severance and gratuity payments of more than Rs46 million even though he resigned to join another SOE.
He also drew massive sums for car monetization despite having multiple company-maintained vehicles, leave encashment, foreign visits costing nearly Rs59 million, and directors’ fees -- all adding up to one of the most shocking cases of financial extravagance at public expense.
The move has raised eyebrows within official circles, with many questioning why the ministry and the minister concerned have remained quiet despite the earlier revelations by The News.
The case underscores how the SOE Act, 2023, instead of tightening oversight, has made government-owned companies vulnerable to unchecked largesse by their boards and managements.
With the same individual now occupying another high-profile public sector slot, the question remains: is this a coincidence or is the man indeed “too well-connected to fail”.