Members discussed in detail the remuneration packages of the management led by Adnan Afridi, the managing director. A member said that traditionally management avoided taking such perks and privileges in fragile economic situation, even if funds were available.
He said that the case was different in KSE where the management took heavy remuneration, allowances and bonuses during the last two years, although revenue had been falling.
Not only Afridi, but other members of his team were also getting paid heavily, members said.
Members said General Manager Human Resources and Administration also enjoyed heavy bonuses during Afridi’s tenure. First, he was given Rs0.5 million as joining bonus and then Rs0.3 million as relocating bonus for coming to Karachi from Dubai where he was working.
In the first six months of his service at KSE, he was given Rs1.2 million as bonuses and allowances.
Members also pointed out that the chairmen of almost all committees of the exchange were non-members.
Participants of the meeting said Farrukh Junaidi, a nominee member on KSE’s board, objected to the discussion on management’s remuneration and said that the power to discuss such issues rested with the board.
A KSE member said Junaidi behaved quite rudely and insulted brokers. The general body of the exchange called for the removal of Farrukh Junaidi from the board. Members said that Adnan Afridi avoided arguing over the matter during the meeting.
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