The Business Times last week carried a news item where it was stated that the Central Bank Governor wishes to monitor and even suggest a reduction in the salaries paid to directors of banks and financial institutions.  Maybe the first thing that should be done is for the Central Bank to make a public declaration [...]

The Sunday Times Sri Lanka

Salaries of directors of banks

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The Business Times last week carried a news item where it was stated that the Central Bank Governor wishes to monitor and even suggest a reduction in the salaries paid to directors of banks and financial institutions.  Maybe the first thing that should be done is for the Central Bank to make a public declaration of the salary and other perks paid to the Governor and suggest that his salary be reduced.  Next a public declaration should be made of by the government of the salaries and perks paid to chairmen and directors of Sri Lanka Telecom, SriLankan Airlines, Ceylon Electricity Board, Ceylon Petroleum Corporation and Ceylon Tourist Board.

Many of these worthy persons are of Royal lineage or VVIP lineage and so feel entitled to special salaries and perks.  Bank executive Business Editor’s note: According to the 2015 Central Bank report, the total personnel expenses inclusive of staff wages was Rs.6.16 billion, up from Rs.5.0 billion in the previous year. This is likely to include the Governor’s salary as there is no separate intimation in the report on his wage. Payments to members of the Monetary Board amounted to Rs.1.0 million against Rs.954,000 in 2014.

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