No plans to regulate corporate salaries
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No plans to regulate corporate salaries

By SiliconIndia   |   Tuesday, 31 July 2007, 07:00 Hrs
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New Delhi: Addressing the National Conclave on Corporate Governance in India - 'Transforming Business Environment,' Prem Chand Gupta, Minister for Corporate Affairs, indicated that the Ministry does not plan to burden the corporate sector with unnecessary regulations. In the conclave organized by the National Foundation for Corporate Governance (NFCG) in partnership with the CII, Gupta reassured that no legislation has been planned to regulate corporate salaries.

On the issue of corporate salaries, in the context of Prime Minister Dr Manmohan Singh's speech at the CII AGM in May, Gupta said that Dr. Singh saluted the contribution of Indian corporates in putting India on the global map and the debate in the media was generated because the speech was read in isolation and out of context.

Regarding the issue of independent directors, Gupta said that sheer numbers cannot bring good corporate governance; only the intention, commitment and mindset will make a difference, reported Business Line.

Anurag Goel, Secretary, Ministry of Corporate Affairs, said that the legislative drafting of the new company law was almost over and the Bill should be introduced by the winter session of Parliament. He added that the industry and the Ministry must work in a public-private (PPP) model.

Referring to the Indian Institute of Corporate Affairs, a recently proposed initiative of the Ministry, Goel said that the institute has been included in the 11th Five-Year Plan at an estimated cost of Rs211 crore and a budgetary allocation of Rs47 crore for 2007-08.

He added that the institute would provide high-quality training on corporate functioning, corporate laws, and accounting practices.

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