RBI Guidelines on Compensation for Whole-Time Directors/CEOs, Material Risk Takers and Control Staff
During November 2019, the Reserve Bank of India (RBI) issued a comprehensive set of guidelines regarding compensation of Whole Time Directors, Chief Executive Officers, Material Risk Takers and Control Function staff. The guidelines apply for all Private Sector & Foreign Banks in India, and take effect from April 1, 2020.
Implementation of these guidelines will likely require Banks to make significant changes to their compensation policy including pay levels & mix, annual & long-term incentive design, and governance. Aon has published an interpretation note to help Boards & HR Leaders better ascertain required changes, draw insights from case studies of other global and regional banks, and prepare internally for change.
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