The policy board held an extraordinary meeting on Thursday at the SECP head office. According to sources, the agenda included upgrading vehicles of SECP directors from 1,300cc to 1,500cc engine capacity, removing the requirement of federal cabinet’s approval for foreign tours of SECP officials and introducing significant amendments to the HR manual, including easing the performance evaluation procedures by eliminating the bell-curve system that restricts the number of officers rated as “excellent.”
Board members expressed surprise that the chairman was seeking approval for such perks and relaxations during the last working week of his tenure, which ends on December 12, 2025.
Officials privy to the meeting said the board viewed the proposed dilution of the evaluation system as an attempt to shield some close associates from strict assessments. Similarly, the push to bypass the cabinet’s approval for foreign trips raised eyebrows as the government directives require all ministries, divisions and regulators to seek the federal cabinet’s approval before sponsoring official foreign travel. Board members questioned the urgency of these proposals at a time when the SECP has already come in for public criticism, first for granting high salary increases to the chairman and commissioners with retrospective effect and later for approving a Rs7 million Islamabad Club membership for an outgoing commissioner.
“We may have to face questioning from parliamentary committees,” a board member remarked.