Section 14A: Remuneration, terms and conditions of service

2[14A. Remuneration, terms and conditions of service.⸺(l) The terms and conditions of service, including remuneration, of the Governor and the Deputy Governors shall be determined by the Board of Directors. (2) The leaves and official foreign travels of the Governor and Deputy Governors, shall be determined by the Board and the Governor, respectively. (3) The terms and conditions including the remuneration for the external members of the Monetary Policy Committee shall be determined by the Board of Directors. (4) The Governor and Deputy Governors shall recuse themselves from the meeting at the time of determination of their terms and conditions and remuneration. (5) The terms and conditions of the appointment of the non-executive Directors including fees shall be determined by their appointing authority and shall be attached to the offer of their appointment. (6) When determining the remuneration of the Governor, Deputy Governors and the fees of the non-executive Directors and external members of the Monetary Policy Committee, the average relevant level of remuneration or fees prevalent in the financial sector of Pakistan for comparable levels of appointment shall be taken into account, in order to allow for qualified professionals to be recruited and retained. (7) The consolidated amount of remuneration of the Governor and Deputy Governors and fees of non-executive Directors and the external members of the Monetary Policy Committee shall be mentioned in the annual financial statement of the Bank. (8) Neither the remuneration and fees nor the terms and conditions of service shall be varied to the appointee’s disadvantage during his term of office. (9) No remuneration or fees or compensation shall be based on the Bank’s profits or any of its revenues.

Effective date: 1956-04-18

Related sections