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Journalism of Courage
State Bank of India has paid its auditors more than 100 times of what it gave to its directors,even as the Chairman of the government-run bank got a hike of about 25 per cent last fiscal.
Chairman O P Bhatt’s total remuneration,including salary and other incentives,rose from about Rs 16.2 lakh in 2007-08 to about Rs 20 lakh in 2008-09,according to the company’s annual accounts to be presented for shareholders approval at the bank’s AGM on Friday.
The bank’s profit and loss account for the year ended March 31,2009 showed that it incurred a total of Rs 99.81 lakh towards “directors’ fees,allowances and expenses.”
At the same time,the auditors’ fees and expenses,including those for branch auditors,stood at about Rs 103.7 crore during the year. It paid Rs 97.3 crore to the auditors in the previous fiscal,while the directors’ fees and expenses stood at about Rs 1.2 crore in 2007-08.
On consolidated basis,however,both directors’ and auditors’ fees and expenses at State Bank group increased during 2008-09. While directors’ fees,allowances and expenses rose to about Rs 5.6 crore (from about Rs 5.03 crore),the auditors’ fees and expenses increased to Rs 162.25 crore (from Rs 157.9 crore).
The bank has 14 auditors for as many circles in the country.
