SECP boss’ salary shocks Pu­­blic Accounts Committee

The Pu­­blic Accounts Committee (PAC) on Tuesday expr­es­sed shock over reports that the chairman of the Secu­rities and Exchange Com­mission of Pakistan (SECP) was drawing an annual salary of Rs41 million. PAC Chairman Junaid Akbar Khan questioned how a country facing economic hardships could afford such packages. “Is the board free to fix salaries at its own discret­i­­on without seeking appro­­v­­al from anyone?” he asked. The chairman directed the finance division to provide details of the matter in the next meeting, to be held today (Wednesday), along with a list of how many other chairmen in various institutions were drawing salaries in the hundreds of millions. The PAC also reviewed an audit objection regarding the non-recovery of Rs1.66 billion from the Karachi Country Club. Members recalled officials had assured the committee that the case had been decided in government’s favour, the land taken over, and payments cleared, but fresh claims contradicted those statements, with officials admitting the government never had possession of the land.