ITC proposes to raise CMD Sanjiv Puri's monthly pay by 46.7% to Rs 22 lakh

ITC, the cigarettes to hotels major, is seeking shareholders’ nod to raise the pay of Chairman and Managing Director Sanjiv Puri and three other directors. 

The notice sent to shareholders says the revision is based on the necessity to be competitive and performance-driven, besides the need to retain and reward talent. “The number of stock options remaining under the firm’s schemes is limited and the option for introducing another equity-based long-term incentive scheme is not available, thereby requiring restructuring of executive compensation,” it said. It is proposing to increase Puri’s basic monthly salary by 46.7 per cent to Rs 22 lakh