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November 5, 2012 07:37
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| _index: algotree | |
| _type: news | |
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| fetchTimeStamp: 25-09-2012 10:37:31 | |
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| event: Jindal has remained the top-paid executive for the second consecutive year, after he dislodged Kalanithi Maran from the pole position in 2010-11. JSPL, in its annual report, has justified not having a remuneration committee on the grounds that "except sitting fees, the company is not paying any remuneration to the non-executive directors". | |
| instance: [ | |
| { | |
| count: 1 | |
| event: Jindal has remained the top-paid executive for the second consecutive year, after he dislodged Kalanithi Maran from the pole position in 2010-11. JSPL, in its annual report, has justified not having a remuneration committee on the grounds that "except sitting fees, the company is not paying any remuneration to the non-executive directors". | |
| } | |
| ] | |
| } | |
| { | |
| event: The proposal to empower the promoter-chairman of Jindal Steel & Power Ltd (JSPL) to revise the remuneration of all whole-time directors will be put before the company's shareholders at its annual general meeting on Wednesday. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: The proposal to empower the promoter-chairman of Jindal Steel & Power Ltd (JSPL) to revise the remuneration of all whole-time directors will be put before the company's shareholders at its annual general meeting on Wednesday. | |
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| event: MUMBAI: An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: MUMBAI: An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary. | |
| } | |
| ] | |
| } | |
| { | |
| event: An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary. | |
| } | |
| ] | |
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| ] | |
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| event: Jindal has topped the executive pay charts for listed companies in the country with a package of 73.42 crore. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: Jindal has topped the executive pay charts for listed companies in the country with a package of 73.42 crore. | |
| } | |
| ] | |
| } | |
| { | |
| event: His salary is around 25 times the pay of the next highest-paid director, Vikrant Gujral. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: His salary is around 25 times the pay of the next highest-paid director, Vikrant Gujral. | |
| } | |
| ] | |
| } | |
| { | |
| event: However, at present, the formation of such a committee is a "non-mandatory requirement in Clause 49 of the listing agreement". | |
| instance: [ | |
| { | |
| count: 1 | |
| event: However, at present, the formation of such a committee is a "non-mandatory requirement in Clause 49 of the listing agreement". | |
| } | |
| ] | |
| } | |
| ] | |
| } | |
| { | |
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| event: No Remuneration Panel at JSPL One of the resolutions in the AGM is to authorise the chairman & managing director to revise, from time to time, remuneration of whole-time directors, by whatever designation they are called, by way of annual increments or otherwise up to 100%. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: No Remuneration Panel at JSPL One of the resolutions in the AGM is to authorise the chairman & managing director to revise, from time to time, remuneration of whole-time directors, by whatever designation they are called, by way of annual increments or otherwise up to 100%. | |
| } | |
| ] | |
| } | |
| { | |
| event: As on June 2012, shareholding of domestic and foreign institutional investors in JSPL was 28% while promoters held 59%. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: As on June 2012, shareholding of domestic and foreign institutional investors in JSPL was 28% while promoters held 59%. | |
| } | |
| ] | |
| } | |
| { | |
| event: According to SES, Naveen Jindal decides his own remuneration and receives 92% of all the payments made to the entire board. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: According to SES, Naveen Jindal decides his own remuneration and receives 92% of all the payments made to the entire board. | |
| } | |
| ] | |
| } | |
| ] | |
| } | |
| { | |
| count: 2 | |
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| event: Recently, Sebi Chairman UK Sinha said the markets regulator could ask companies to form 'remuneration committees' to be headed by independent directors. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: Recently, Sebi Chairman UK Sinha said the markets regulator could ask companies to form 'remuneration committees' to be headed by independent directors. | |
| } | |
| ] | |
| } | |
| { | |
| event: Founded by former Sebi executive director JN Gupta, SES is a proxy advisory firm. | |
| instance: [ | |
| { | |
| count: 1 | |
| event: Founded by former Sebi executive director JN Gupta, SES is a proxy advisory firm. | |
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| sector: Basic Materials | |
| ticker: JSP | |
| entity: Jindal Steel & Power | |
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| entity: Jindal Steel & Power Ltd | |
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| region: Europe | |
| index: FTSE 100 INDEX | |
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| currency: Pound (GBP) | |
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| entity: Naveen Jindal | |
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| entity: Jindal Steel | |
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| ParentUrl: http://economictimes.feedsportal.com/c/33041/f/534023/index.rss | |
| EMAC-VERSION: 1.0.3 | |
| Content: <div class="Normal" algoscore="355.0"> <p algoscore="38.0">An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary.</p> <p algoscore="38.0"> MUMBAI: An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary.</p> <p algoscore="39.0"> The proposal to empower the promoter-chairman of Jindal Steel & Power Ltd (JSPL) to revise the remuneration of all whole-time directors will be put before the company's shareholders at its annual general meeting on Wednesday.</p> <p algoscore="38.0"> "The entire remuneration policy of the company is opaque...The resolution can lead to a conflict of interest situation," said a <a href="/topic/Stakeholders-Empowerment-Services">Stakeholders Empowerment Services</a> (SES) client note mailed within hours of media reports of Jindal's salary.</p> <p algoscore="34.0"> Jindal has topped the executive pay charts for listed companies in the country with a package of 73.42 crore.</p> <p algoscore="40.0"> Founded by former Sebi executive director JN Gupta, <a href="/topic/SES">SES</a> is a proxy advisory firm. Common in advanced markets, such firms are hired by institutional shareholders to advise them on various resolutions and occasionally cast vote on their behalf.</p> <table align="left" border="0" cellpadding="1" cellspacing="1"> <tbody> <tr> <td> <img src="http://economictimes.indiatimes.com/photo/16535542/naveen-jindal-shouldnt-set-own-salary-advisory-firm.jpg" title="An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary." alt="An advisory firm backed by a former Sebi director has reached out to institutional shareholders to restrain Naveen Jindal, India's top-paid executive, from having the powers to decide his own salary." class="gwt-Image" /></td> </tr> </tbody> </table> <p algoscore="38.0"> According to SES, <a href="/topic/Naveen-Jindal">Naveen Jindal</a> decides his own remuneration and receives 92% of all the payments made to the entire board. His salary is around 25 times the pay of the next highest-paid director, Vikrant Gujral.</p> <p algoscore="49.0"> "Corporate governance guidelines recommend that remuneration payable to directors should be decided by a remuneration committee of the board. In the absence of the committee, the board should decide such remunerations. Therefore, the proposal is against good <a href="/topic/corporate-governance">corporate governance</a>. Further, the chairman of the board is himself a whole-time director. The resolution can lead to a conflict of interest situation where the chairman of the board decides his own remuneration," said the SES note.</p> <p algoscore="35.0"> As on June 2012, shareholding of domestic and foreign institutional investors in <a href="/topic/JSPL">JSPL</a> was 28% while promoters held 59%.</p> <p algoscore="33.0"> An email query from ET to JSPL went unanswered till the time of going to press.</p> <p algoscore="98.0"><strong>No Remuneration Panel at JSPL</strong> One of the resolutions in the AGM is to authorise the chairman & managing director to revise, from time to time, remuneration of whole-time directors, by whatever designation they are called, by way of annual increments or otherwise up to 100%. The move comes at a time the government and financial services regulators are proposing restrictions on salaries of senior executives. Recently, Sebi Chairman UK Sinha said the markets regulator could ask companies to form 'remuneration committees' to be headed by independent directors. SES has reminded its clients that JSPL has not set up a remuneration committee. However, at present, the formation of such a committee is a "non-mandatory requirement in Clause 49 of the listing agreement". Jindal has remained the top-paid executive for the second consecutive year, after he dislodged Kalanithi Maran from the pole position in 2010-11. JSPL, in its annual report, has justified not having a remuneration committee on the grounds that "except sitting fees, the company is not paying any remuneration to the non-executive directors". This, according to SES, is not a valid explanation because such a committee is normally constituted to decide the remuneration payable to executive directors as well. Dwelling on the subject, Prithvi Haldea, chairman of Prime Database, said there was a need to differentiate between a 'promoter-CEO' and an 'outsider-CEO'. "It is not practical to cap the remuneration by regulatory measures when the promoter is acting in executive capacity. Given our levels of governance, any kind of cap would not work since the promoter-CEO/MD would easily find other ways to enrich himself. Rather, there should be self-regulation."</p> </div> | |
| ContentHash: -477541328 | |
| partnerName: Economic_Times | |
| ACE-VERSION: 1.0.3 | |
| actualTimeStamp: 25-09-2012 05:27:43 | |
| wordCount: 605 | |
| Title: Naveen Jindal should not set own salary: Advisory firm | |
| Tags: News | |
| eventsCount: 12 | |
| Link: http://economictimes.feedsportal.com/fy/8av2EvH0ecaby3Cd/story01.htm | |
| SourceName: Economic_Times | |
| SentimentResource: neutral | |
| ConceptTags: [ | |
| Power Ltd | |
| Shareholders | |
| Email Query | |
| Executive Directors | |
| Services Regulators | |
| SES Note | |
| Markets Regulator | |
| Remuneration Panel | |
| Remuneration Committee | |
| Sebi Executive Director JN Gupta | |
| Sebi Director | |
| Time | |
| Remuneration Policy | |
| JSPL | |
| Naveen Jinal Salary | |
| Corporate Governance | |
| Remuneration Committees | |
| Pole Position | |
| Salary | |
| Cast Vote | |
| Opaque The Resolution | |
| Board | |
| Whole-time Director | |
| Corporate Governance Guidelines | |
| Company | |
| Client Note | |
| Promoter-CEO/MD | |
| Firm | |
| Non-mandatory Requirement | |
| Vikrant Gujral | |
| Naveen Jindal | |
| Listing Agreement | |
| Executive Capacity | |
| Prime Database | |
| Whole-time Directors | |
| Kalanithi Maran | |
| Stakeholders Empowerment Services | |
| Jindal Steel | |
| SEs | |
| Top-paid Executive | |
| Interest Situation | |
| Media Reports | |
| Sebi Chairman UK Sinha | |
| Prithvi Haldea | |
| Jindal Steel & Power Ltd | |
| ] | |
| RedirectedLink: http://articles.economictimes.indiatimes.com/2012-09-25/news/34082691_1_jspl-remuneration-corporate-governance | |
| } | |
| } |
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