Mumbai: The pay package of India’s richest
man, Mukesh Ambani, remained capped at Rs 15 crore for fiscal year 2016,
the eighth year in a row, while the rest of the top brass at Reliance
Industries Ltd (RIL) took home hikes.
Ambani, chairman and managing director of
RIL, with a net worth of $19.3 billion, is ranked 36th worldwide and tops a
list of 84 Indian billionaires in the Forbes annual ranking for 2016,
announced in March.
He voluntarily capped his pay at Rs 15
crore in 2009 amid a debate on right-sizing of CEO salaries. Till 2007-08,
Ambani was the highest paid executive in India, with an annual compensation
package of Rs 44 crore.
His annual salary included Rs 4.16 crore
as salary, Rs 60 lakh in perquisites and allowances, Rs 71 lakh for
retirement benefits and Rs 9.53 crore as commission on profit. Though the
base salary is the same as the previous year, the commission on profit has
marginally risen from Rs 9.41 crore in 2014-15.
Executive directors on RIL’s board, however,
saw their remunerations go up. Ambani’s cousins Nikhil R. Meswani and Hital R.
Meswani’s pay packets rose to Rs 14.42 crore and Rs 14.41 crore,
respectively. In 2014-15 they got Rs 12.03 crore each.
P.M.S. Prasad, another executive director on
the board, saw his compensation go up to Rs 7.23 crore from Rs 6.03
crore. Pawan Kumar Kapil, chief of refineries, got Rs 2.94 crore in
2015-16, as against Rs 2.41 crore in the previous year.
Ambani’s wife, Nita Ambani, who joined the
RIL board as non-executive director in 2014, earned Rs 6 lakh sitting fee
and a commission of Rs 1.20 crore, according to the annual report.
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