Valid objection, bad timing
Valid objection, bad timing: Concerns over the Infosys CxO pay hikes are justified...
This refers to thereport “Infosys defends pay hike for COO Pravin Rao” (Business Standard, April 4). Read with this a totally unrelated report on pay rise granted to RBI Governor and his Deputies effective January 1, 2016. Transparency in norms and openness in implementation of decisions taken in ‘good faith’ need to become part of
governance in government, public sector and corporates. According to the official version, the first one was a decision taken by Infosys Board to revise the compensation package of COO Rao consistent with the company’s ‘philosophy of aligning the interests of its leadership team to long term shareholder interests’. The GOI decision to revise the basic salaries of RBI Governor and his deputies from the level of Rs90,000 and Rs80,000 (fixed more than a decade back) to Rs2,50,000 and Rs2,25,000
(merging a major portion of Dearness Allowance), effective January 1, 2016 followed the pattern recommended by VII Pay Commission for comparable positions in GOI. Both should not have attracted adverse debates.
One would expect eminent statesmen like Narayanamurty and Tata to now focus on broader issues of national interest rather than allowing the institutions they built to hang on to their apron strings for support or themselves peeping into the board rooms. They should now be talking about policies affecting production and marketing, economic growth and macro level changes necessary in approach to prices, wages and income to improve GDP growth and ensure distributive justice. They need to guide government in improving social security systems and ensuring faster eradication of poverty.M G Warrier, Mumbai