Breaking Tradition: Mukesh Ambani, Chairman Of RIL, Opts For Zero Salary For Third Consecutive Year

Image Courtesy: IANS

New Delhi: In June 2020, Mukesh D. Ambani, the Chairman and Managing Director, Reliance Industries voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.

He continued to forego his salary in the years 2021-22 as well as in the years 2022-23. 

In all these three years, Mukesh Ambani did not avail of any allowances, perquisites, retiral benefits, commission, or stock options from Reliance for his role as the Chairman and Managing Director.

Prior to that, the Chairman and Managing Director had his salary capped at Rs 15 crore since 2008-09 in order to set a personal example of moderation in managerial compensation levels.

Reliance Industries is one of India’s largest contributors to the national exchequer. Reliance’s consolidated contribution to the national exchequer crossed Rs 5 lakh crore in the three years from FY21 to FY23.

Reliance’s contribution to the national exchequer stood at Rs 177,173 crore in FY23, marginally down from Rs 188,012 crore in FY22.

The company continues to be the largest taxpayer in India, contributing Rs 1,77,173 crore to the national exchequer by way of various direct and indirect taxes, as mentioned in the annual report.

This was over 5 percent of the Indian government’s budgeted expenditure for the last three years. Reliance Industries Limited issued its Annual Report for FY23 on Saturday.

The company will be holding its Annual General Meeting on Monday, August 28.

Among other things, the RIL Annual Report mentioned the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.