 Welcome back to corporate governance and we are moving forward with our different sessions and we are looking at different strategies, we are looking at different circumstances, we are looking at different inferences and how various issues can affect governance. Today, we are going to be talking about issues of governance related to the remuneration process. Now, ladies and gentlemen, when we talk about remuneration, then basically the governance of remuneration or incentive systems has often failed because negotiations and decisions are not carried out at an arms length. So, what we see is that favoritism, nepotism, personal likes and dislikes, discrimination basically come into the remuneration incentive systems and due to that in many cases it is striking how the link between performance and remuneration is very weak or difficult to establish. If that is the case, then ladies and gentlemen, if the performance system is not linked with the remuneration system, then we also see many problems emerging in human resource management and labor unions basically clicking in and a lot of disgruntlement emerging which can create a lot of chaos and confusion and ambiguity within any particular organization and therefore it is very important that the remuneration and incentive systems are professionally managed and are done in a scientific structured way so that they are equitable, they are compassionate and they are seen to be fair and that is extremely important when we are developing these processes. Remuneration schemes are often overly complicated or obscure in ways that camouflage conditions and consequences. Transparency needs to be improved beyond disclosure. Remuneration policies should be submitted to the annual board meetings. So again, many times we see that sometimes the top management has very high remunerations going into millions, sometimes hundreds of millions while the lower staff have very low salaries even below sustenance and the gap between them is so enormous. So this itself becomes a corporate governance issue and it becomes very important that there is complete disclosure, there is transparency and the board is aware of what is happening and they should not be camouflaged in different packages so that when the total packages are calculated then the results are astronomical especially in the context of top management and detrimental for those in the lower management which creates an animosity between the different sectors and between the different segments and different departments of a particular organization. The goal needs to be remuneration incentive systems that encourage long term performance. So again, should be hinged or leveraged with a performance management system looking at the long term defining the structure of remuneration incentive schemes is a key aspect of corporate governance and companies need flexibility to adjust systems to their own circumstances. So yes, there is no one size fit all, it has to be customized, it has to be rationalized, it has to be legalized and it has to be done in a very equitable way to ensure that corporate governance is being practiced by the organization. Steps must be taken to ensure that remuneration is established to an explicit governance process where the goals and responsibilities of those involved are clearly defined. So ladies and gentlemen that is why this remuneration process or remuneration structures are very important in corporate governance and there has to be clarity, there has to be goal orientation, there has to be process centricity and most importantly there have to be responsibilities that are clearly defined and also ensuring that whoever is doing it is doing it based upon merit, is doing it based upon equity and is based upon transparency and that leads to a better remuneration process leading to corporate governance. Thank you so much.