CEO salary debate: Montek Singh echoes Khurshid

Posted By: Staff
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New Delhi, Oct 7: Planning Commission Deputy Chairman Montek Singh Ahluwalia echoed Corporate Affairs Minister Salman Khurshid's views on the need for austerity when it comes to the salaries of the company heads and CEOs.

Pointing out that these are trying times when the governments all over the world have pumped in 1.6 trillion dollars to bail out the global economy from the financial crisis, Montek Singh said, " They have said there should not be indecent salaries and that is right also."

"Globally it is the concern. There is no regulation on CEOs' salary. It is the responsibility of corporate boards to fix salaries judiciously," he said.

The argument that was first put forth by Mr Khurshid turned louder when India Inc responded to it by saying that the salaries are set by market forces.

According to a survey done by Associated Chambers of Commerce and Industry of India (Assocham) 60 per cent of the top corporate chief executives believed that best talent can only be attracted if salaries were not regulated.

OneIndia News

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