INDEPENDENT DIRECTORS' PAY MUST BE BASED ON TIME SPENT ON COMPANY WORK

Independent directors should be paid at least as much as the CEO on a man-day basis, according
to Mr. Martin Steindl, Corporate Governance Officer at International Finance Corporation.
Speaking at a CII seminar on corporate governance, he said that the daily salary of the
CEO multiplied by the number of days spent by the independent director should form the basis of
his compensation. Independent directors should not be paid just sitting fees but should be
compensated adequately in terms of the time that they have spent on company work.