Reliance Industries Ltd (RIL) chairman and managing director (CMD) Mukesh Ambani has not taken a rise in remuneration in the past eight years, keeping his pay package at Rs 15 crore. This is despite having an approved salary of Rs 38.75 crore, giving up nearly Rs 24 crore a year.
“The CMD’s compensation has been set at Rs 15 crore, against Rs 38.75 crore approved, reflecting his desire to continue to set an example for moderation in managerial compensation levels,” the RIL annual report for 2015-16 stated.
Ambani’s current remuneration include Rs 4.16 crore salary, Rs 60 lakh perquisites and allowances, Rs 71 lakh retirement benefits and Rs 9.53 crore commission on profit. This is compaired to Rs 83 lakh retirement benefits and Rs 9.41 crore commission he got in 2014-15. Ambani had capped his salary in 2009, showing way to other corporate heads in the country.
On the other hand, other board members like Nikhil R Meswani and Hital R Meswani saw their remuneration rising by nearly 20 per cent from Rs 12.03 crore in 2014-15 to Rs 14.42 crore and Rs 14.41 crore respectively in 2015-16.
The company executive directors like P M S Prasad and Pawan Kumar Kapil too saw a rise in their pay packages. Prasad’s remuneration too zoomed about 20 per cent to Rs 7.23 crore in 2015-16, compared to Rs 6.03 crore during the previous year.
Meanwhile, Nita Ambani, who got inducted as the first woman director in RIL board in 2014 as a non-executive director, got Rs 1.2 crore as commission, besides sitting fees of Rs 6 lakh. The overall remuneration of all the nine non-executive directors stood at Rs 11.93 crore in 2015-16, compared to Rs 10.71 crore in 2014-15.
During the financial year 2015-16, RIL invested Rs 1,12,000 crore, the highest ever by any Indian company in the history. Reliance also recorded its highest-ever consolidated net profit of Rs 27,630 crore during the year, a growth of 17.2 per cent year-on-year.