Reliance Industries' (RIL) chairman and managing director Mukesh Ambani has again forgone a salary hike, according to the company's annual report. It is 10 years since he took one.
"(Annual) Compensation of Mukesh Ambani has been set at Rs 150 million, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," the company said in its latest annual report, for 2017-2018.
Ambani's pay comprises Rs 44.9 mn as salary and allowances, Rs 2.7 mn as perquisites, Rs 7.1 mn as retiral benefits and another Rs 95.3 mn as commission payable, according to details shared in the annual report. There are no stock options.
RIL's other executives, however, saw their salary rise compared to financial year 2016-17. Remuneration for P M S Prasad rose to Rs 89.9 mn from the earlier Rs 78.7 mn. The total payable to executive directors Nikhil Meswani and Hital Meswani also saw a significant jump to Rs 199.9 mn, from the earlier Rs 165.8 mn, each.
Four of the company's wholetime directors last year received stock options. However, for 2017-18, none of the wholetime directors were given any, says the annual report.
Nita Ambani, the chairman's wife, who is a non-executive and non-independent director on the board, also saw her compensation rise. For 2016-17, she got a total of Rs 13.9 mn, inclusive of sitting fee and commission, which rose to Rs 15.6 mn in 2017-18.
In his letter to shareholders, Mukesh Ambani said, "FY2017-18 turned out to be a watershed year in the history of Reliance."
On his consumer goods business: "Our aim is to have the consumer businesses contribute on par with the energy and materials business over the next decade, when we celebrate our Golden Jubilee."
The company also looks to raise upto Rs 200 billion through non-convertible debentures (NCD)s in the current financial year and will seek shareholders approval for the same at its upcoming annual general meeting (AGM).