November 29, 2022

RIL Chairman Mukesh Ambani

RIL Chairman Mukesh Ambani

Photograph : BCCL

Reliance Industries chairman Mukesh Ambani for the second 12 months in a row drew ‘nil’ wage in FY2021-22 from his flagship agency final fiscal, giving up his compensation voluntarily in gentle of the pandemic impacting companies.

Within the earlier fiscal additionally, he had given up his remuneration and didn’t take any wage from Reliance Industries, within the wake of Covid outbreak.

For 2 consecutive fiscal years (2020-21 and 2021-22), Ambani has not taken any allowances, perquisites, retiral advantages, fee or inventory choices from Reliance for his function because the chairman and managing director.

Prior to those two years, his wage was capped at Rs 15 crore since 2008-09 with the intention 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 stored wage, perquisites, allowances and fee collectively at Rs 15 crore since 2008-09, forgoing over Rs 24 crore each year.

“In gentle of the COVID-19 outbreak in India, which has exacted an enormous toll on the societal, financial and industrial well being of the nation, Mukesh D Ambani, the Chairman and Managing Director, has voluntarily determined to forego his wage,” the corporate had mentioned 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.

Govt Administrators PMS Prasad and Pawan Kumar Kapil noticed their remuneration fall marginally.

Whereas Prasad drew Rs 11.89 crore in 2021-22, down from Rs 11.99 crore in 2020-21, Kapil received Rs 4.22 crore, decrease than Rs 4.24 crore within the earlier 12 months.

The fee of Prasad and Kapil included “performance-linked incentives for FY 2020-21 paid in FY 2021-22,” the annual report mentioned.

Ambani’s spouse Nita, a non-executive director on the corporate’s board, earned Rs 5 lakh as a sitting price and one other Rs 2 crore fee for the 12 months. She had within the earlier 12 months received Rs 8 lakh sitting price and one other Rs 1.65 crore fee.

Other than Ambani, the RIL board has the Meswani brothers, Prasad and Kapil as whole-time administrators.

Apart from 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.

Whereas all impartial administrators received 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, received Rs 1.40 crore. He was appointed to the board with impact from July 19, 2021.

(With company inputs)

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