Benefits derived by bank directors

Your story of highlighting the benefits derived by bank executive directors and non executive directors (Monday, 23 April)is noteworthy but needs proper analysis to give it proper meaning.

HNB responded to your article by saying they had paid Rs. 25 million to a board member. How lucky! Where is the governance? Then you say a non executive director is paid Rs. 50,000 to Rs. 100,000 a month. That would imply the executive directors in that bank and the other banks are getting a princely amount.

Anthony in your paper of today writes of the Commercial Bank CEO’s house worth 500 million to stay. To my knowledge all the Sri Lankan bank CEOs have houses given by their banks. The Bank of Ceylon GM has a valuable Colombo 7 property on Green Path. Most top Government officials get valuable property in the city to stay, including Ministers. Most CEOs get a house as a benefit. These are perks.

As Mr. Hilmy Cader has suggested, it is best that people focus on the results of the institution and compare the increases with the increase in the employee benefits. If banks pay peanuts to get hire their top executive, they will end up hiring monkeys and our money will be at risk.

Ranvijith Fernando