Mistry re-designated as non-executive director on Tata Sons
Monday's filing to RoC put him under 'professional' category; he now remains on board, but won't enjoy executive powers
 "In this file photo of Cyrus Mistry whom Tata Sons on Monday removed as its Chairman, nearly 4 years after he took over the reins of the group.")
In this file photo of Cyrus Mistry whom Tata Sons on Monday removed as its Chairman, nearly 4 years after he took over the reins of the group.
A non-executive director is a member of a company's board who is not part of the executive team. Such a director typically does not engage in the day-to-day management of the organisation, but is involved in policy making and planning exercises.
In a filing to the Registrar of Companies on Monday, Tata Sons communicated the change in designation. Interestingly, the filing declared his category as 'professional'.
This categorisation was despite the fact that two Mistry family-owned entities, Sterling Investment Corp and Cyrus Investments, hold 18.38 per cent stake in Tata Sons.
Till Monday, Mistry was designated as Executive Chairman of the company. For the year ended March 2016, he drew a total remuneration of Rs 17.6 crore from Tata Sons. This included a gross salary of Rs 5.67 crore and a commission of Rs 11 crore.
The non-executive directors of Tata Sons drew a remuneration of between Rs 1.3 crore and Rs 1.5 crore.
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First Published: Oct 25 2016 | 4:00 PM IST