Six stock, commodity and futures exchanges in China have issued pay reductions of up to two-thirds to their executives.A person familiar with the decision said the salary cuts which included the Shanghai and Shenzhen bourses were backdated to January.The lowering of the salaries is part of measures to address rising public discontent on the perception of high salaries for top executives at state-owned institutions.In 2013, Jiang Jianqing, president of Industrial and Commercial Bank of China, the country's biggest bank, was cited as the highest paid banking official that year, with an annual salary of about 2 million yuan.On January 1, the salaries of senior executives at five state-owned banks were capped at 600,000 yuan.Commentators say the lower salaries could reduce incentives for stock market executives to manage mainland market exchanges with a rising demand for similar skills in other parts of the industry.For Caixin Online, this is Diana Bates.
