Anil Singhvi, a shareholder activist and co-founder of proxy advisory firm Institutional Investor Advisory Services (IIAS) said, "I have always argued that the true cost of Infosys wage bill was suppressed because promoter CEOs with substantial holdings took lower salaries. This had a cascading effect on the salary structure, making Infosys a relatively poor paymaster in a manpower driven industry. The lower wage bill was benign on the balance sheet and boosted P/E multiples. This was good for Infosys stock and senior management stock options. It all worked very well in a different era."