Mukesh Ambani has kept his salary unchanged since 2008-09

  • Mukesh Ambani has kept his salary unchanged since 2008-09
  • Ambani voluntarily capped his compensation in October 2009 amid a debate over right-sizing of CEO salaries

 Richest Indian Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at ₹15 crore for the eleventh year on the trot.

Ambani has kept salary, perquisites, allowances and commission together at ₹15 crore since 2008-09, forgoing over₹24 crore per annum.

This is at a time when remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw a handsome increase in the fiscal year ended March 31, 2019.

“Compensation of Shri Mukesh D Ambani, Chairman and Managing Director, has been set at ₹15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels,” RIL said in its latest annual report.

His remuneration for 2018-19 included ₹4.45 crore as salary and allowances, which is marginally lower than ₹4.49 crore he got in the previous 2017-18 fiscal.

Commission has been unchanged at ₹9.53 crore while perquisites have risen to ₹31 lakh from ₹27 lakh. Retirement benefits were ₹71 lakh.

Ambani voluntarily capped his compensation at ₹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.

Ambani’s cousins Nikhil R Meswani and Hital R Meswani saw their compensation rise to ₹20.57 crore each. They earned₹19.99 crore each in 2017-18 and ₹16.58 crore in 2016-17. In 2015-16, Nikhil had got ₹14.42 crore while Hital took home₹14.41 crore. In 2014-15, they had got ₹12.03 crore each.

Also, one of his key executives, Executive Director P M S Prasad saw his remuneration go up to ₹10.01 crore from ₹8.99 crore in the previous year. He too has seen his remuneration rise steadily — from ₹6.03 crore in 2014-15, to ₹7.23 crore in the next fiscal and ₹7.87 crore in 2016-17.

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