Global Recession: India for a cap on CEO pay
The economic slowdown is fast becoming a global cry for responsibility. In the US, President Barack Obama announced tough rules on executive compensation on Wednesday. A $5,00,000 annual pay cap for executives at companies getting taxpayer bailouts is part of a wider process to clamp down on excessive corporate pay.
In India, too, Chief Managing Director of Bharat Forge Baba Kalyani is taking a 20 per cent salary cut. Five lakh jobs in India have been lost in the last three months. But at the same time, four Indian CEOs have made it to the Forbes list of the world’s richest CEOs.
The question that was being asked on CNN-IBN’s Face the Nation was: 5 lakh workers lose job: Should CEOs take salary cuts?