New Delhi: Richest Indian Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at Rs150 million for the eleventh year on the trot.
Ambani has kept salary, perquisites, allowances and commission together at Rs150 million (Dh7.99 million) since 2008-09, forgoing over Rs240 million per annum.
This is at a time when remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw a handsome increase in the fiscal year ended March 31, 2019.
“Compensation of Shri Mukesh D Ambani, Chairman and Managing Director, has been set at Rs150 million, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels,” RIL said in its latest annual report.
His remuneration for 2018-19 included Rs44.5 million as salary and allowances, which is marginally lower than Rs44.9 million he got in the previous 2017-18 fiscal.
Commission has been unchanged at Rs95.3 million while perquisites have risen to Rs3.1 million from Rs2.7 million. Retirement benefits were Rs7.1 million.
Ambani voluntarily capped his compensation at Rs150 million in October 2009 amid a debate over right-sizing of CEO salaries. The salary cap continued even as all other executive directors saw their remunerations go up.
Ambani’s cousins Nikhil R Meswani and Hital R Meswani saw their compensation rise to Rs205.7 million each. They earned Rs199.9 million each in 2017-18 and Rs165.8 million in 2016-17. In 2015-16, Nikhil had got Rs144.2 million while Hital took home Rs144.1 million. In 2014-15, they had got Rs120.3 million each.