The Financial Supervisory Commission (FSC) said Wednesday that it will follow the regulations set by the Ministry of Finance (MOF) to cap the monthly salaries paid to the heads of its subsidiaries. According to data provided by the FSC to the legislature the previous day, among the 35 heads of the FSC subsidiaries, 14 people -- so called 'double-pay fat cats' -- receive not only high monthly salaries, but also enjoy monthly pension payments or a preferential 18 percent savings interest rate available to retired military personnel, civil servants and teachers. Several chairmen of financial regulatory bodies, such as Taiwan Stock Exchange Chairman Chi Schive, Taiwan Futures Exchange Chairman Joseph Tsai, Taiwan Depository & Clearing Corporation Chairman Tony C.C. Fan, and GreTai Securities Market Chairman Gordon Shuh Chen, reportedly make more than NT$400,000 a month, which has sparked criticism in the legislature. Wang Yung-hsin, deputy director of the FSC's Securities and Futures Bureau, said the FSC will soon send an official letter to its subsidiaries instructing them to follow the regulations formulated by the MOF. According to the regulations, those who are appointed or recommended by the MOF to serve as chairmen or presidents of government-owned or partially state-funded financial institutes, cannot receive a monthly salary that is more than double that of their counterparts in other state-run companies of about the same size, the same level and in the same field. Based on this formula, which took effect in April, the salary ceiling for those heads would be NT$320,000 -- which was calculated by doubling the monthly salary of NT$160,000 received by Susan Chang, chairwoman of the government-owned Taiwan Financial Holding Co.. Meanwhile that same day, the Legislative Yuan's Finance Committee also decided that several heads of institutions who refused to reveal their salary information to the legislature, must provide the data within one week or be replaced. 