Mukesh Ambani retains wage capped at Rs 15 cr for 11th 12 months in a row; forgoes over Rs 24 cr each year

New Delhi: The richest Indian, Mukesh Ambani, has stored his annual wage from his flagship agency Reliance Industries capped at Rs 15 crore for the eleventh 12 months on the trot.

Ambani has stored wage, perquisites, allowances and fee collectively at Rs 15 crore since 2008-09, forgoing over Rs 24 crore each year. This is at a time when remunerations of all whole-time administrators of the corporate, together with cousins Nikhil and Hital Meswani, noticed a good-looking improve within the fiscal 12 months ended 31 March, 2019.

“Compensation of Mukesh D Ambani, Chairman and Managing Director, has been set at Rs 15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels,” RIL mentioned in its newest annual report. His remuneration for 2018-19 included Rs 4.45 crore as wage and allowances, which is marginally decrease than Rs 4.49 crore he received within the earlier 2017-18 fiscal. Commission has been unchanged at Rs 9.53 crore whereas perquisites have risen to Rs 31 lakh from Rs 27 lakh. Retirement advantages had been Rs 71 lakh.

Ambani voluntarily capped his compensation at Rs 15 crore in October 2009 amid a debate over right-sizing of CEO salaries. The wage cap continued at the same time as all different government administrators noticed their remunerations go up.

File picture of RIL chairman Mukesh Ambani. YouTube screengrab

Ambani’s cousins Nikhil R Meswani and Hital R Meswani noticed their compensation rise to Rs 20.57 crore every. They earned Rs 19.99 crore every in 2017-18 and Rs 16.58 crore in 2016-17. In 2015-16, Nikhil had received Rs 14.42 crore whereas Hital took dwelling Rs 14.41 crore. In 2014-15, they’d received Rs 12.03 crore every.

Also, considered one of his key executives, Executive Director P M S Prasad noticed his remuneration go as much as Rs 10.01 crore from Rs 8.99 crore within the earlier 12 months. He too has seen his remuneration rise steadily—from Rs 6.03 crore in 2014-15, to Rs 7.23 crore within the subsequent fiscal and Rs 7.87 crore in 2016-17.

Refinery chief Pawan Kumar Kapil noticed his compensation rise to Rs 4.17 crore from Rs 3.47 crore in 2017-18. In the earlier fiscal, his remuneration had fallen to Rs 2.54 crore, from Rs 2.94 crore in 2015-16. He had earned Rs 2.41 crore in 2014-15. The two nonetheless didn’t get any fee in 2018-19.

“Performance criteria for two Executive Directors, entitled for Performance Linked Incentive (PLI), are determined by the Human Resources, Nomination and Remuneration Committee,” RIL mentioned within the annual report.

RIL’s non-executive administrators, together with Nita Ambani, additionally received Rs 1.65 crore every as fee, apart from sitting charges. The fee was Rs 1.5 crore in 2017-18 and Rs 1.Three crore within the earlier 12 months.

Former State Bank of India (SBI) chairman Arundhati Bhattacharya received solely Rs 75 lakh as fee as she was appointed to the board of RIL solely with impact from 17 October, 2018.

Ambani’s spouse Nita Ambani, a non-executive director on the corporate’s board, earned Rs 7 lakh as sitting payment, up from Rs 6 lakh within the earlier 12 months.

Apart from Ambani, the RIL board has Meswani brothers, Prasad and Kapil as whole-time administrators.

Besides Nita Ambani, different non-executive administrators embody Mansingh L Bhakta, Yogendra P Trivedi, Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji and Aruundhati Bhattacharya.

Disclaimer: Reliance Industries Ltd is the only real beneficiary of Independent Media Trust which controls Community18 Media & Investments Ltd which publishes Firstpost

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