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Mr Salman Khursheed

Our Bureau

New Delhi, Nov. 18 The Government has that the ultimate decision on whether or not to cap managerial pay in the private sector should be left with the shareholders and the board of a company.

At a FICCI event on Tuesday, the Corporate Affairs Minister, Mr Salman Khursheed, said, “We do believe in essential freedoms in a democracy. The ultimate decision on managerial remuneration should rest with the shareholders and the board. We need to ensure that there is shareholder democracy.”

Managerial remuneration is “not a dogmatic or an ideological issue,” he said.

On independent directors, the Minister said: “They (independent directors) should give claims and disclaimer categorically in writing that they know what their job is.”

Mr Khursheed said each director should also know his potential and whether he can do justice to every company on the board of which he is on.

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