No law to fix corporate salaries: FM

NEW DELHI: Allaying apprehensions in the corporate sector, finance minister P Chidambaram on Wednesday ruled out any legislation to fix corporate salaries.

“There is no intention to legislate corporate salaries. It was not his (PM’s) intention that the government should legislate on salaries, but if that is the impression that the audience got, that’s an unfortunate impression,” the finance minister said in an interview to NDTV.

Prime Minister Manmohan Singh had last month said that industry should resist excessive remuneration to promoters and senior executives should discourage conspicuous consumptions.

Mr Chidambaram said: “I think there is a strong, moral element to the argument that the corporate salaries must be revisited in the interest of the shareholders and stakeholders.”

He said that at the CII function, the prime minister was only unfolding a ten-point agenda for the corporate sector at its own request.

Mr Singh had also praised the performance and leadership of the industry, Mr Chidambaram said.