Initiative rejected amid governance gaps and spending objections.
TARIQ KHATTAK
ISLAMABAD: (December 05, 2025)
The Securities and Exchange Commission of Pakistan’s (SECP) Policy Board delivered a sweeping and unprecedented rebuke to Chairman Akif Saeed, unanimously rejecting his entire seven-point agenda in an extraordinary meeting that concluded in under thirty minutes. This rejection highlights the Board’s stance on governance standards and financial oversight, signaling a shift towards stricter accountability and oversight in SECP’s operations.
Board members expressed sharp displeasure over what they viewed as inappropriate and self-serving proposals put forth during the Chairman’s final working week. Not a single item was approved, including a proposed Voluntary Separation Scheme (VSS) offering substantial payouts for early retirement. Insiders stated the VSS was designed to benefit “some cronies”. They would have cost the public exchequer hundreds of millions of rupees, terming it an “unnecessary and irresponsible financial burden.”
The rejected agenda also included revising the HR manual to eliminate the bell-curve performance evaluation system. Board members raised concerns that this was a last-minute attempt to secure favourable ratings and shield the Chairman’s associates from strict, independent assessments before his exit. Other proposals sought to upgrade Directors’ official vehicles (from 1.3cc to 1.5cc) and, controversially, to remove the federal cabinet’s mandatory approval requirement for foreign tours of SECP officials.
Adding to the tension, the Board also deferred the performance evaluation process in which the Chairman had rated himself and all Commissioners as “excellent,” signalling the assessment will be taken up independently after the current leadership exits. The Board’s firm stand follows intense public scrutiny of the SECP’s extraordinary compensation packages. Board members reportedly reminded the Chairman of the recent public criticism over backdated salary increases that saw the Chairman’s pay reach Rs 41.53 million and each Commissioner’s pay reaching Rs 35.8 million for the fiscal year 2024.
The Commission’s controversial approval of Rs 7 million for a lifetime membership at the Islamabad Club for outgoing Commissioner Abdul Rehman Warraich, an entitlement funded by public money, was also noted. One Board member was quoted as saying, “Members must answer to parliamentary committees for such decisions, making further controversial approvals impossible.”
The Policy Board’s action aligns with a legislative crackdown on regulatory autonomy, as the Senate Standing Committee on Finance moved in August to withdraw the legal powers of the SECP and State Bank of Pakistan boards to fix executive salaries unilaterally. This legislative move underscores ongoing efforts to enhance public sector accountability and limit unchecked executive authority within regulatory bodies like SECP.
The Policy Board’s actions effectively clear the slate for the next SECP Chairman, ensuring that the controversial spending and governance policies of the previous tenure will not be inherited. The SECP has yet to respond to requests for comment on the meeting outcome.
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