Reliance Industries Ltd (RIL) CMD Mukesh Ambani did not draw any salary from the company in the last financial year 2021-22, the second such year in a row. He voluntarily gave up remuneration in light of the pandemic hitting the business and economy. During these years, Ambani also did not avail of any benefit like allowances, perquisites, etc, according to RIL’s latest annual report.
RIL, in its latest annual report, said Ambani’s remuneration for the financial year 2020-21 was “nil”. Mukesh D Ambani, the chairman and managing director (CMD) of RIL, in June 2020 voluntarily decided to forego his salary for 2020-21, as COVID-19 hit the country. He continued to forgo his salary in 2021-22 as well. During these years, Ambani did not avail of any allowances, perquisites, retiral benefits, commission or stock options from Reliance for his role as the CMD.
“In light of the COVID-19 outbreak in India, which has exacted a huge toll on the societal, economic and industrial health of the nation, Mukesh D Ambani, the Chairman and Managing Director, has voluntarily decided to forego his salary,” the company had said in June 2020.
Earlier, Ambani has also his salary capped at Rs 15 crore since 2008-09, to set a personal example of moderation in managerial compensation levels. The Rs 15 crore salary in 2019-20 was the same as in the previous 11 years. Ambani has kept salary, perquisites, allowances and commission together at Rs 15 crore since 2008-09, forgoing over Rs 24 crore per annum.
The remuneration of his cousins Nikhil and Hital Meswani remained unchanged at Rs 24 crore but this time, it included a Rs 17.28 crore commission. Ambani’s wife Nita, a non-executive director on the company’s board, earned Rs 5 lakh as a sitting fee and another Rs 2 crore commission for the year. She had in the previous year got Rs 8 lakh sitting fee and another Rs 1.65 crore commission.
The remuneration of executive directors PMS Prasad and Pawan Kumar Kapil decreased marginally. While Prasad got Rs 11.89 crore in 2021-22, down from Rs 11.99 crore in 2020-21; Kapil received Rs 4.22 crore, which was lower than Rs 4.24 crore in the previous year. The payment of Prasad and Kapil included “performance-linked incentives for FY 2020-21 paid in FY 2021-22”, the annual report said.
The RIL board includes Meswani brothers, and Prasad and Kapil as wholetime directors, apart from Ambani. Non-executive directors include Nita Ambani, Raghunath A Mashelkar, Dipak C Jain, Adil Zainulbhai, Shumeet Banerji, Raminder Singh Gujral, former SBI chairperson Arundhati Bhattacharya and former CVC K V Chowdary.
While all independent directors got a Rs 2 crore commission, Yasir O Al-Rumayyan, managing director and a board member of PIF (the sovereign wealth fund of the Kingdom of Saudi Arabia), got Rs 1.40 crore. He was appointed to the board with effect from July 19, 2021.
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