Mukesh Ambani attracts nil wage for second yr in row
Billionaire Mukesh Ambani for the second yr in a row drew no wage from his flagship agency Reliance Industries within the final fiscal as he voluntarily gave up remuneration in mild of the pandemic hitting the enterprise and economic system.
In its newest annual report, Reliance stated Ambani’s remuneration for the monetary yr 2020-21 was “nil”.
In June 2020, Mukesh D Ambani, the Chairman and Managing Director of Reliance Industries, voluntarily determined to forego his wage for the yr 2020-21, in mild of the COVID-19 outbreak in India, which exacted an enormous toll on the societal, financial and industrial well being of the nation.
He continued to forgo his wage in 2021-22 as nicely.
In each these years, Ambani didn’t avail of any allowances, perquisites, retiral advantages, fee or inventory choices from Reliance for his function because the Chairman and Managing Director.
Prior to that, the Chairman and Managing Director had his wage capped at Rs 15 crore since 2008-09 in an effort to set a private instance of moderation in managerial compensation ranges.
The Rs 15 crore wage in 2019-20 was the identical as within the earlier 11 years.
Ambani has saved wage, perquisites, allowances and fee collectively at Rs 15 crore since 2008-09, forgoing over Rs 24 crore each year.
“In light of the COVID-19 outbreak in India, which has exacted a huge toll on the societal, economic and industrial health of the nation, Mukesh D Ambani, the Chairman and Managing Director, has voluntarily decided to forego his salary,” the corporate had stated in June 2020.
The remuneration of his cousins Nikhil and Hital Meswani remained unchanged at Rs 24 crore however this time it included a Rs 17.28 crore fee.
Executive Directors PMS Prasad and Pawan Kumar Kapil noticed their remuneration fall marginally.
While Prasad drew Rs 11.89 crore in 2021-22, down from Rs 11.99 crore in 2020-21, Kapil acquired Rs 4.22 crore, decrease than Rs 4.24 crore within the earlier yr.
The fee of Prasad and Kapil included “performance-linked incentives for FY 2020-21 paid in FY 2021-22,” the annual report stated.
Ambani’s spouse Nita, a non-executive director on the corporate’s board, earned Rs 5 lakh as a sitting payment and one other Rs 2 crore fee for the yr. She had within the earlier yr acquired Rs 8 lakh sitting payment and one other Rs 1.65 crore fee.
Apart from Ambani, the RIL board has the Meswani brothers, Prasad and Kapil as wholetime administrators.
Besides Nita Ambani, different non-executive administrators embrace Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji, former SBI chairperson Arundhati Bhattacharya and former CVC KV Chowdary.
While all impartial administrators acquired a Rs 2 crore fee, Yasir O Al-Rumayyan, Managing Director and a Board Member of PIF – the sovereign wealth fund of the Kingdom of Saudi Arabia, acquired Rs 1.40 crore. He was appointed to the board with impact from July 19, 2021.
