Islamabad:Details of the salaries and benefits of senior officials at Oil and Gas Development Company Limited (OGDC) were presented before the Senate, revealing that the company’s Managing Director and Chief Executive Officer receives a basic monthly salary of more than Rs. 5.56 million. The information was shared with parliament as part of a disclosure concerning the remuneration packages of senior executives at the state-owned exploration and production company. The figures show significant differences in the basic salaries of OGDC’s top management, with the company’s highest-paid official earning several million rupees each month before allowances and other facilities are added. According to the details presented in the Senate, Ahmed Hayat Lak, OGDC’s Managing Director and CEO, receives a basic monthly salary of Rs. 5,564,171. Chief Financial Officer Muhammad Anas Farooq earns Rs. 2,837,940 per month, while Executive Director Petroleum Muhammad Aamir Saleem receives Rs. 2,211,990. Among other executive directors, Shehzad Safdar, Executive Director Human Resources, has a basic monthly salary of Rs. 1,889,298. Zia Salahuddin, Executive Director Services, receives Rs. 1,849,433, while Atif Ghafoor Mirza, Executive Director Joint Ventures and Business Development, earns Rs. 1,893,434. The salaries of general managers are comparatively lower but still substantial. Khurram Shehraz, General Manager Internal Audit, receives Rs. 1,100,929 per month. Dr. Khalid Ameen Khan, General Manager Exploration, earns Rs. 900,881, while General Manager Production Habib Ullah Chohan receives Rs. 700,443. The company secretary, Waseem Ahmad, has a basic monthly salary of Rs. 607,754. In addition to their basic salaries, the ten senior officials are entitled to several allowances and facilities. These include a house-rent allowance equivalent to 45 percent of their basic salary and utilities allowance amounting to 10 percent of the basic pay. They are also provided with car and fuel facilities. After the applicable allowances are included, the monthly remuneration package of the OGDC managing director exceeds Rs. 8.6 million. The CFO’s overall monthly package is reported to be more than Rs. 4.4 million. The information presented to the Senate also showed that all ten officials have more than three decades of professional experience. Most of the executives were recruited through press advertisements and headhunters before being appointed by OGDC’s Board of Directors. Their educational qualifications include professional and advanced degrees in fields such as law, chartered accountancy, business administration, engineering and geophysics. The MD is based in Islamabad, while other senior executives are posted in Islamabad, Karachi, Quetta and Sukkur. OGDC is Pakistan’s largest exploration and production company and is listed on the stock exchange, with the government holding a majority share. The disclosure has drawn attention to the compensation structures followed by state-owned enterprises. During the Senate proceedings, questions were raised regarding whether OGDC’s remuneration packages are comparable with those offered by private-sector exploration and production companies. Senators also discussed the possible impact of high executive compensation on the company’s overall operational expenses. However, no change to the existing salary and benefits structure was announced during the briefing.
