Lawmakers were left stunned during a parliamentary session on Tuesday when details of lavish perks awarded to the CEO of Pakistan Reinsurance Company (PRCL) surfaced. According to reports, the executive received a staggering Rs335 million in benefits and privileges in less than three years—sparking calls for accountability and tighter oversight.
The issue was raised by PPP parliamentary leader Sherry Rehman, who cited recent media coverage while questioning how such excessive expenditures could occur amid ongoing government austerity measures. Rehman suggested that the company’s board may have facilitated misuse of public funds and criticized the apparent double standard, pointing out that politicians are often held accountable for far smaller sums.
Calls for Oversight and Transparency
Rehman stressed that while accountability is essential, it should not create a climate of intimidation for honest civil servants. She urged Parliament to strengthen its ability to audit state-owned entities and to ensure that boards adhere strictly to proper audit and financial practices.
Government Promises Action
Responding to the concerns, Finance Minister Muhammad Aurangzeb confirmed that Prime Minister Shehbaz Sharif had taken notice of the issue. A committee has been formed to investigate the matter, and the minister assured that those responsible would be identified and that recovery of the misappropriated funds would be pursued.
Aurangzeb also highlighted the need for government-appointed board members to be diligent and fully prepared when reviewing company documents, stressing that robust oversight is critical to prevent such lapses in the future.
Bigger Picture
The episode underscores ongoing concerns about governance in Pakistan’s state-owned enterprises, where oversight gaps can allow significant public funds to be allocated without sufficient scrutiny. Parliamentary leaders argue that stricter audits and empowered boards could help curb such excesses while maintaining a professional and accountable bureaucracy.
