Mukesh Ambani, has been earning Rs 15 crore annually, from Reliance Industries, for 11 years consecutively. His salary, allowances and perks have totalled to the same amount since 2008-09. This means, he has let go more than Rs 24 crore per year!
This is in sharp contrast to the salaries of the other directors of the Company, including that of Nikhil and Hital Meswani, which increased significantly this year. The two earned Rs 16.58 crore each in 2016-17 and Rs 19.99 crore each in 2017-18. In 2018-19, however, their compensation had risen to Rs 20.57 crore each.
PMS Prasad, an executive director has also seen his remuneration rise over the years — from Rs 6.03 crore in 2014-15 to Rs 10.01 crore in 2018-19.
Pawan Kumar Kapil, refinery chief, Reliance Industries, also saw his remuneration increase from Rs 3.47 crore in 2017-18, to Rs 4.17 crore in 2018-19.
This means, while others have enjoyed steadily increasing remunerations over the years, Amabani’s pay has remained unchanged according to a voluntarily-imposed cap.
By accepting the same salary for the past 11 years, Ambani, who seeks moderation in the pay levels of managers, is leading by example.
In 2018-19 Ambani received ?4.45 crore as salary and allowances, slightly lower than the Rs 4.49 crore he received the previous year. His commission remains unchanged at ?9.53 crore, while perks have gone up to ?31 lakh from ?27 lakh. He earned Rs 71 lakh in retirement benefits.
As per the annual report of the Company, its non-executive directors, including Nita Ambani, received Rs 1.65 crore each as commission, in addition to sitting fees. This commission was ?1.5 crore the previous year and ?1.3 crore the year before last.