HYDERABAD: Backing Infosys co-founder N R Narayana Murthy's view that pay hike to COO U B Pravin Rao was "not proper," the company's ex-director T V Mohandas Pai today said the salary in this case is "spectacular" but performance is not. Alleging that Infosys' board was "misguided", Pai said the ""fundamental problem" was the pay hike given earlier to CEO Vishal Sikka "without any justification", because of which other executives were also expecting higher pay. He said salary levels in India cannot be compared with that in the US. "I totally agree with Murthy that it was not proper.
Barclays PLC (ADR) (BCS) has hired the head of Aviva plc (ADR) (AV) and FirstGroup, John McFarlane, in an effort to rebuild relationships with its investors. McFarlane will replace Sir David Walker, who has been Barclays’ chairman since 2012, and will join the bank’s board in January.
ET INTELLIGENCE GROUP: The Infosys controversy has brought executive pay to the fore, with the board facing criticism over CEO Vishal Sikka’s salary. So how much do Indian CEOs get in relation to the pay scale at their companies? On average, a Nifty CEO’s annual remuneration was Rs 13 crore, 237 times the median wage, according to an ETIG study of the pay ratio data provided in the FY16 annual reports of 38 of the 50 companies that comprise the index.
BENGALURU: Cognizant Technology Solutions rewarded its top management with hefty bonuses and executive compensation packages, after a stellar performance in 2015 when the Nasdaq-listed software services and consulting firm grew at a scorching pace and overshadowed Indian rivals such as Infosys and Tata Consultancy Services. Chief Executive Francisco D'Souza and his top team received 142% of their target bonuses for the year, resulting in a significant spike to their annual pay packages.
Royal Bank of Canada Chief Executive Officer Gordon Nixon was paid more than his counterparts at JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. as record earnings last year helped most Canadian bank CEOs narrow the pay gap with the U.S.
Want to make a C.E.O. nervous? Ask him what he’s doing about raises. “Hold on, I need to close my door,” one C.E.O. said when he answered a reporter’s recent call on the topic. As year’s end approaches, many firms are making decisions about raises and bonuses for their employees. Those are sensitive, high-stakes decisions anytime. With a recession howling at the door and everyone uncertain about what next year will look like, the stakes have gotten even higher.