No 'vulgar' pays to CEOs: Khurshid to India Inc

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Salman Khursheed
New Delhi, Oct 4: Corporate Affairs Minister Salman Khurshid on Sunday, Oct 4 advised India Inc to refrain from doling out "vulgar" salaries to CEOs.

Salman Khurshid said, "I think when we are working on this (austerity), we can hardly say that we (will) shut our eyes on what salary the CEOs are going to take."

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The issue regarding remuneration of company CEOs will be debated by the Parliamentary Standing Committee, which is scrutinising the provisions of the new Companies Bill tabled in the Lok Sabha in Aug 2009, he said.

"Let's get the opinion of the standing committee (on the Bill), then we will move forward," he said, pointing out that "it's now before the same Parliament that has supported this attitude of austerity ... Let us see what their views are."

"Nothing is to been in isolation. We have to see on what accountability and what responsibility is to be imposed on directors, CEOs of companies. We still haven't taken a final view on whether two persons can be taken as chairpersons and managing directors," the Minister said.

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