Karachi: As already informed to the Stock Exchanges vide our letter FC E/OT/243-11/Asg dated September 23, 2011, the Board of Directors has appointed Mr. Ali-Hamdani as Managing Director a Chief Executive Officer of the Company for a period of three years with effect from September 22, 2011 on the following terms and conditions:
|Fixed annual salary||Rs. 36,000,000 per annum|
|(Subject to annual increment)|
|Performance based variable income||Rs. 18,000,000 per annum|
|(At 100% target achievement. Actual to be decided|
|by the Board every year based on performance)|
|House rent and maintenance allowance||Rs. 6,960,000 per annum|
In addition to above, he shall be entitled to two company maintained vehicles together with drivers, services of security guards and security system at the residence, participation in Siemens shares program/Siemens stock awards as per the applicable company guidelines, membership of two clubs including annual/monthly subscription, back-up generator at the residence inclusion fuel and maintenance, health coverage for self and family as per the company’s healthcare policy and Provident fund a Gratuity benefits as per the company’s policy, mobile phone facility and telephone facility at residence.
All payments shall be subject to deduction of Income tax as per applicable rates.
For more information, contact:
Siemens (Pakistan) Engineering Company Limited
CS. B-72, Estate Avenue,
Tel: +92(21) 32574910-19
P.O. Box No: 7, Karachi – 7570