Billionaire Mukesh Ambani decided to forgo nearly Rs 24 crore from his annual pay last fiscal as chief of Reliance Industries Ltd (RIL), keeping his salary capped at Rs 15 crore for the fourth year in a row.
New Delhi: Billionaire Mukesh Ambani decided to forgo nearly Rs 24 crore from his annual pay last fiscal as chief of Reliance Industries Ltd (RIL), keeping his salary capped at Rs 15 crore for the fourth year in a row.
However, RIL's total outgo towards remuneration to its all top management personnel, as also the sitting fees and commissions for its non-executive directors, increased during the fiscal year ended March 31, 2012.
Ambani's salary has remained unchanged at Rs 15 crore since the fiscal 2008-09.
In its latest annual report for the year 2011-12, RIL said that Ambani's total pay package stood at Rs 15 crore, as against his eligibility of Rs 38.82 crore as per the shareholders' approval.
Detailing his pay package, RIL said that Ambani's "compensation has been set at Rs 15 crore as against Rs 38.82 crore that he is eligible as per the shareholders' approval, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels".
In the fiscal 2010-11 also, Ambani was eligible for a pay package of Rs 38.75 crore, but he took home only Rs 15 crore.
The company's total remuneration for top management personnel and commission paid to non-executive directors had declined during 2010-11, but rose again in 2011-12.
The decision to cap Ambani's salary at Rs 15 crore was taken way back in October 2009, amid a raging debate on right-sizing of CEO salaries.
The decision led to a hefty pay cut for Ambani, as his remuneration dropped to Rs 15 crore for fiscal 2008-09, from over Rs 44 crore in 2007-08. Ambani was India's top-paid executive in 2007-08.