Case studies of UPL and Max: exploring grey areas of top-management remuneration norms

Concept by Rishi Tejpal and Muhabit ul haq

Synopsis
Excessive remuneration to top management is a serious corporate-governance issue. There have been instances when such remuneration was routed via subsidiaries, raising questions about adherence to disclosure and approval norms. Case studies of two companies, UPL and Max Financial Services, examine the tricky terrain of such practices.

Executive remuneration has been a sticky issue in the context of good corporate-governance practices. The salaries of top executives, and the additional bonus and incentives they receive in terms of stock options, aren’t truly disclosed to the public in a few cases. Some stakeholders have voiced their concerns about this. High top-management remuneration comes under scrutiny especially when seen in the light of a poor macro environment, or when