 "Brokerage top brass take pay cuts as earnings fall")
A company’s performance depends on how the CEO steers it and is tied to his/her performance. As a CEO’s pay is proportionate to the company’s income, it is only fair that when the going gets tough, the CEO should take a pay-cut.
An Economic Times report said the top brass of brokerage firms, including Geojit BNP Paribas, Edelweiss and Motilal Oswal, have taken pay cuts in FY12 following a fall in their earnings.
The head honchos have taken 15-68 percent cut in pay while the companies’ profits fell 24-45 percent, the report said.
However, there are a few others such as Sunil Godhwani, chairperson & MD of financial services group Religare Enterprises (REL), and Aseem Dhru, MD & CEO of HDFC Securities whose salaries rose.
Read the full report here .
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