He might be the richest man in the whole of South Asia, however, Reliance Industries chairman and managing director Mukesh Ambani, is giving everyone a lesson in humility and sincerity.?
Ambani has kept his annual salary unchanged for eleventh consecutive year in a row. According to the company's annual report voluntarily capped his compensation at Rs 15 crore in October 2009 amid a debate over right-sizing of CEO salaries.
Reuters
Reports state that?cap continued even as all other executive directors saw their remunerations go up.
Interestingly, the salary of two RIL directors? - Nikhil R. Meswani, Hital R. Meswani - are over Rs 5 crore more than Ambani. Their total salary is Rs 20.57 crore each (see chart).
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.
?Nikhil R. Meswani & Hital R. Meswani
In 2014-15, they had got Rs 12.03 crore each. Also, one of his key executives, Executive Director P M S Prasad saw his remuneration go up to Rs 10.01 crore from Rs 8.99 crore in the previous year. He too has seen his remuneration rise steadily -- from Rs 6.03 crore in 2014-15, to Rs 7.23 crore in the next fiscal and Rs 7.87 crore in 2016-17.
Refinery chief Pawan Kumar Kapil saw his compensation rise to Rs 4.17 crore from Rs 3.47 crore in 2017-18.
In the previous fiscal, his remuneration had fallen to Rs 2.54 crore, from Rs 2.94 crore in 2015-16. He had earned Rs 2.41 crore in 2014-15.
The two however did not get any commission in 2018-19. "Performance criteria for two Executive Directors, entitled for Performance Linked Incentive (PLI), are determined by the Human Resources, Nomination and Remuneration Committee," RIL said in the annual report.
RIL's non-executive directors, including Nita Ambani, also got Rs 1.65 crore each as commission, besides sitting fees.
The commission was Rs 1.5 crore in 2017-18 and Rs 1.3 crore in the previous year. Former State Bank of India (SBI) chairman Arundhati Bhattacharya got only Rs 75 lakh as commission as she was appointed to the board of RIL only with effect from October 17, 2018.
Ambani's wife Nita Ambani, a non-executive director on the company's board, earned Rs 7 lakh as sitting fee, up from Rs 6 lakh in the previous year. Apart from Ambani, the RIL board has Meswani brothers, Prasad and Kapil as wholetime directors.
Besides Nita Ambani, other non-executive directors include Mansingh L Bhakta, Yogendra P Trivedi, Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji and Aruundhati Bhattacharya.
In May this year, Reliance Brands, a subsidiary of Reliance Industries, had signed an agreement to acquire 100 per cent stake in iconic toymaker Hamleys from Chinese fashion conglomerate C Banner International
This acquisition will catapult Reliance Brands to become a dominant player in the global toy retail industry