Indian banking sector reported 12,533 frauds, aggregating to Rs. 181.7 bn in FY17. Such high quantum of frauds can be attributed to weak internal controls, which are capable of leaving an indelible dent on the balance sheet of the bank. Though, the banks are paying high audit fees, it is not necessarily resulting in lower frauds, which means that the overall audit quality needs to be improved. Bank of Maharashtra reported the highest number of frauds (3,893), followed by ICIC
This is the first of a multi-part series on CEO pay, put together for Mint. A modified version of this report was published by Mint on 26 March 2018.
Around this time every year, boards are called upon to fix pay levels of its members for the next financial year. This series on CEO pay complied by IiAS, is aimed at sensitizing boards on the remuneration trends across the market, as a basis for determining appropriate pay structures.
An IiAS study on executive remunerat
Listing of public sector undertakings (PSUs) is cited as the biggest driver of accountability and transparency. But very often we find that there is a big divergence in standards applicable for PSUs and private companies. In ONGC’s case, the company is seeking regulatory exemptions. While IiAS supports the overall transaction, it believes that such leniency with regard to public votes are not warranted. On 31 January 2018, Oil and Natural Gas Corporation of India Limited (ONG