Express (August 23, 2011)
Switzerland-based BASEL Committee has accepted some views sent by a Bangladeshi banker in its consultative document on remunerations.
M Jahangir Alam, senior vice president (SVP) of Mutual Trust Bank (MTB), provided his opinions in February this year as a member of the Global Association of Risk Professionals (GARP), a new Jersey-based organisation.
He said salary of high bank officials should be determined on the basis of their contribution to the financial organisations.
"I said that the high officials should be made accountable, even after their retirement, if the organisations they served fail or collapse following their decisions," he added.
The BASEL Committee invited opinions from different parts of the world in December 2010, and released its document on the issue in July this year. The committee accepted opinions from three Asian nations - China, Thailand and Bangladesh.
Bangladesh's opinions secured eighteenth position out of the selected 20 opinions.
The BASEL Committee wants to bring an effective market discipline and allow the market participants to assess quality of the compensation practices.
The proposals cover the main components of sound remuneration practices and take full account of the Financial Stability Board's Principles for Sound Compensation Practices and their related Implementation Standards.
According to experts, this acceptance has positioned Bangladeshi bank professionals to a new height.
MTB, in a statement, said the achievement by its official is praiseworthy not for the bank only, but also for Bangladesh as a whole.
M Jahangir Alam in his reaction said: "I am happy, as my views will be practiced across the globe."
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