CIAA Eyes CEO Salaries

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Nov. 1, 2010, 5:45 p.m. Published in Magazine Issue: Vol. 04 No.-09 Oct 29 2010 (Kartik 12, 2067)
After the attempt by Nepal Rastra Bank (NRB) to cap the salaries of Chief Executive Officers of banks failed, it has tried to rope in the Commission for Investigation of Abuse of Authority (CIAA). Althoughprivate banks do not directly fall under its purview, the CIAA will be writing a letter to NRB asking it to cap the salaries of CEOs. The copies of the letter will be sent to the CEOs.

“We cannot remain mute spectator to the irregularities in banks that have billions of rupees of public deposits,” said a CIAA source.The NRB had raised the issue of capping the salaries of CEOs in the monetary policy. However, the banking community reacted angrily to any such suggestions.
Althoughprivate banks do not directly fall under its purview, the CIAA will be writing a letter to NRB asking it to cap the salaries of CEOs. The copies of the letter will be sent to the CEOs.

“We cannot remain mute spectator to the irregularities in banks that have billions of rupees of public deposits,” said a CIAA source.The NRB had raised the issue of capping the salaries of CEOs in the monetary policy. However, the banking community reacted angrily to any such suggestions.

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