THE chief executive at the Hub Power Company Limited (Hubco) stood out as Pakistan’s highest paid corporate boss, earning a whopping sum of Rs36 million ($ 0.6 million) in aggregate remuneration and benefits. Though rare, there are a couple of more CEOs employed on seven-digit salary per month, among the publicly trade companies. But the pay pakage of Hubco chief Syed Khurshid Husain made more than the sums earned collectively by CEOs at Siemens, Singer, Gillette, Bata, Abbott and Lever Brothers; most managing directors and chief executives at multinational firms and huge local profitable companies earning on average Rs3 million a year.

The heart burning among other people employed to do the same kind of work at other places, is, therefore, understandable. “What the Hubco chief made in two days, most of us got after toiling throughout the month”, said one such CEO with a mixture of sadness and envy. That was last year. For the latest year ended June 30, 2001, the Hubco CEO bettered his own record and possibly set a new upper limit of pay scale, unlikely to be equalled by any other person in that capacity for a long time. With a 25 per cent raise,he received Rs44.7 million in managerial remuneration and benefits and as he left the office on June 25, 2001, the company added icing to his cake with Rs35.3 million as “compensation for loss of office”. All of that made a cool sum of Rs 80.4 million ($ 1.3 million).

The pay and perks for the man holding top job in Pakistan, naturally vary from company to company. Small, local and unprofitable firms offer as little yearly as Rs0.4 million or under Rs 40,000 a month (Latif Jute Mills) or even lesser sum such as Rs 200,000, equal to Rs 17,000 per month (Service Textiles). There are also rare cases of profitable and scores of loss yielding firms where the top man draws nothing by way of remuneration. Such CEOs are often the members of families who have controlling stakes in those companies: Some such free- serving CEOs can be found at Gadoon Textiles; Sana Industries; Maqbool Company; Mahmood Textiles: Goodluck Industries and Spencer & Co.

In a vast majority of companies, where the CEO or MD is expected by the board to prove his worth through performance, the yearly pay package could be settled between Rs2.5 and Rs3.6 million— equivalent to Rs 0.2 to Rs 0.3 million per month. On the lower side, workers in same companies, earn as less as Rs 36,000-equal to one-hundredth of the boss’ pay. So,are the corporate fat cats licking up all the milk and honey? Possibly not, for when compared to British bosses who on average earn

In some cases, CEOs may appear to have been under-paid. The top man at Pakistan Telecommunication Company (PTCL)—one of the two heaviest capitalised company on the Karachi Stock Exchange with Rs 140 billion in total assets—was paid yearly remuneration of Rs 5.4 million. The company boss at Shakerganj Mills—one of the biggest sugar mills with sales of over Rs one billion—received no more than Rs 3.2 million in aggregate pay package last year. And the chairman PNSC was paid Rs 0.598 million as remuneration and benefits. But struggling to remain afloat in a sea of financial crisis, the national flag carrier with a billion rupees in accumulated losses could possibly offer no more.