Companies free to decide on CEO pay: PM

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Manmohan Singh
Mumbai, Oct 12: Prime Minister Manmohan Singh on Sunday, Oct 11 ruled out any move to restrict remuneration of CEOs, saying it was best left to the boards of companies to decide on CEO salaries.

Addressing a press conference here, Singh said, "We still believe that the salaries are best determined by the boards of various companies and the government as such has no intention of imposing restrictions on CEOs" salaries."

Earlier Salman Khursheed, Corporate Affairs Minister, had advised companies to refrain CEOs from 'vulgar' salaries. "I think when we are working on this (government"s austerity), we can hardly say we (will) shut our eyes on what salary the CEOs are going to take," he had said.

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