In addition to its quarterly earnings statement, DBS announced last month that Mr. Gupta’s 30 % variable pay cut amounted to S$ 4.14 million.
Additionally, another committee members of the group administration committee experienced a decrease in their adjustable pay.
” We made it known that we’re taking responsibility for the top administration, starting with me and the rest of my senior management team.” At a effects briefing on February 7th, Mr. Gupta stated that that constitutes a” great aspect of governance.”
” It’s a good place to start if you can build accountability and figure out who takes the lead in making fixes.” We’ve been able to demonstrate that, and that’s certainly despite a record-profit year,” he told investigators.
However, we made the decision to assume social duty for this.
The Monetary Authority of Singapore ( MAS ) was forced by the string of banking disruptions to forbid DBS from any acquisitions of new business ventures for six months.
DBS was even required to put a six-month suspension on non-essential IT changes, and it was not permitted to reduce the size of its ATM and tree networks in Singapore.