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Weeks after the death of his father, Ratan Tata, the chair of the Tata Trusts, one of the world's largest philanthropic groups, is reportedly reorganizing its management structure in an effort to cut costs.
The roles of chief financial officer and chief operating officer are being eliminated, and the dependency on external consultants is also being cut, reports the Economic Times, which notes that the move was initiated before the appointment of new Trusts chairman Noel Tata.
An internal audit report found that the group's staffing costs had soared to about $175 million, according to the report.
An expert on philanthropy tells the Economic Times that cost consciousness is critical for such groups, noting that "Organisations that benefit from such philanthropy can be made accountable through documentation, with appropriate oversight by the board and employees of the Trust."
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