Mukesh Ambani caps his salary at Rs 15 cr per annum for the 11th year
Nita Ambani, who is a non-executive director on the company’s board, got Rs 1.65 crore each as commission, besides sitting fees
July 20, 2019
The owner of one of India’s largest business conglomerates Reliance Industries Limited (RIL), Mukesh Ambani, has capped his salary at Rs 15 crore per annum for the 11th consecutive year. The overall amount includes Ambani’s salary, perquisites, allowances and commission and has been the same since 2008-09. In the process of doing so, he is foregoing over Rs 24 crore per annum.
In its latest annual report, RIL said, “Compensation of Shri Mukesh D Ambani, Chairman and Managing Director, has been set at Rs 15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels.”
Salaries of other wholetime directors revised
This comes at a time when Ambani’s cousins and whole-time directors of the company, Nikhil R Meswani and Hital R Meswani, saw a handsome increase in their salaries in the financial year that ended on March 31, 2019 at Rs 20.57 crore each. They earned Rs 19.99 crore each in 2017-18 and Rs 16.58 crore in 2016-17. In 2015-16, Nikhil had got Rs 14.42 crore while Hital took home Rs 14.41 crore. In 2014-15, they had got Rs 12.03 crore each.
What about Nita Ambani?
Nita Ambani, who is a non-executive director on the company’s board, got Rs 1.65 crore each as commission, besides sitting fees. Nita’s sitting fee is Rs 7 lakh, up from Rs 6 lakh in the previous year.
Ambani capped his salary at Rs 15 crore in October 2009 when a debate over the right-sizing of CEO salaries was raging. Since then, the salary cap has continued even as all other executive directors have seen their compensations going up.