Reliance Industries boss Mukesh Ambani kept his annual salary capped at Rs 15 crore for a ninth consecutive year, and did not take any stock option even as the remuneration of most executive directors on the board rose.
Ambani, the richest Indian, has kept his salary, perquisites, allowances and commission at Rs 15 crore since 2008-09, foregoing almost Rs 24 crore per annum. Reliance Industries Ltd said in its annual report for 2016-17:
The chairman and managing director’s compensation has been set at Rs 15 crore as against Rs 38.75 crore as approved, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels.
His remuneration for 2016-17 included Rs 4.16 crore as salary and another Rs 60 lakh by way of perquisites and allowances. He got retirement benefits of Rs 71 lakh and Rs 9.53 crore as commission on profit. The base salary, allowances, retirement benefits and commission on profit are the same as what he got in 2015-16.
Ambani voluntarily capped his compensation at Rs 15 crore in October 2009 amid a debate over right-sizing of CEO salaries. The salary cap continued even as all other executive directors saw their remunerations go up.
RIL's non-executive director and Ambani’s wife, Nita Ambani, earned Rs 4 lakh sitting fee and a commission of Rs 1.35 crore.
This is how Twitter reacted to the news of Ambani’s Rs 15 crore salary:
Some Twitter users mocked India’s richest person:
Others took a dig at Ambani, and his enormous debt, especially after Reliance Jio’s launch:
(With inputs from PTI)
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