SBI's highest paid job doesn't belong to the chairman

MUMBAI: State Bank of India, the country’s biggest mass lender, has invited applications to laterally hire a chief financial officer (CFO) on contract, offering to pay the candidate up to Rs. 1 crore a year — significantly more than the standard salary of the bank’s chairman.Qualified chartered accountants (CA) with experience of at least 15 years are eligible to apply for the crucial role. The lender, which typically fills executive roles with career bankers recruited through a centralised selection process, has offered to pay between Rs. 75 lakh and Rs. 1 crore for the role the central bank wants to be overseen by a CA.To be sure, the annual remuneration of the SBI chairman was Rs. 29,53,750 for FY19, according to the latest annual report disclosures. The candidate should have experience in overseeing financial operations, accounting and taxation in banks and large corporates, according to the published job description. The contract will be for a period of three years, renewable for two more years at the discretion of the bank. The CFO will be on probation for six months, after which the bank will review the candidate’s performance.The CFO will be responsible for overseeing statutory audit functions in the bank besides coordinating with the banking regulator and the National Financial Reporting Authority on auditor-related issues. The decision to laterally hire a CFO comes after SBI had sought clarification from the central bank on its mandate to appoint specialised officers who are qualified chartered accountants.With rapid changes in the banking sector, the central bank had urged banks to appoint qualified personnel to head critical functions such as finance to ensure a better risk governance framework. In the guidelines published in May 2017, the central bank had recommended qualification as a CA and an experience of 15 years for the CFO’s post.

from Economic Times https://ift.tt/2XNrOgh