THE perceived greed of Scotland's eminent university principals is back under the spotlight this week.

Research by The Herald showed a number of university leaders pocketing sizeable pay increases and bonuses in 2013/14.

To the fore was Professor Sir Jim McDonald, principal of Strathclyde University, in Glasgow, who is now by far the highest paid principal in Scotland after taking a seven per cent increase to bring his salary to £334,000 a year.

The biggest increase was the eight per cent awarded to Professor Stephen Chapman, the principal of Heriot-Watt University, in Edinburgh, whose pay increased to £198,000.

And Professor Louise Richardson, the principal of St Andrews University, in Fife, also came under fire after accepting a one off bonus of £30,000 - although the university highlighted the fact she has not had a pay rise for several years and has also donated £120,000 to a scholarship fund.

The rises are galling for academics, student leaders and the general public because they come at a time when the rest of the population is expected to cope with a pay freeze or a minimal rise as the impact of the recession drags on. In addition, universities are funded by the taxpayer and there is a view, therefore, that salary levels of all staff should reflect the parlous state of the public purse.

In their defence, universities trot out the excuse that principals are doing a wonderful job and therefore deserve to be rewarded, but in most other professions doing your job well is considered part and parcel of being paid rather than as an invitation to reap further financial dividends.

It is true that the sector is one of the most important to the future economic success of Scotland, generating £6.7 billion for the Scottish economy in 2011/12, as well as exports worth £1.3bn.

Although the salaries quoted sound exorbitant - and dwarf the £140,000 paid to First Minister Nicola Sturgeon and Prime Minister David Cameron - they are well below those in other leading international business sectors such as the Scotch whisky industry.

And in reality many principals did show restraint, with the majority either taking one or two per cent increases or, as in the case of Professor Sir Timothy O'Shea of Edinburgh University and Professor Andrea Nolan of Napier University, not taking any increases at all.

Nonetheless, in the wake of the latest round of pay increases there were renewed calls from academics and students for more accountability over the ­salaries of principals.

In 2012, a review chaired by Professor ­Ferdinand von Prondzynski, principal of Robert Gordon University in Aberdeen - who accepted just one per cent this year - called for the abolition of bonuses and recommended university ­remuneration committees include staff and student members to increase transparency.

With the proposed Higher Education Governance Bill currently under consultation and this damaging issue once again to the fore politicians of all parties have a decision to make. Either they introduce greater control and transparency over pay rises for principals or await the next embarrassing set of figures.