Billionaire Mukesh Ambani received no income from his main company, Reliance Industries, for the second year in a row.
Billionaire Mukesh Ambani did not receive a salary from his flagship company Reliance Industries for the second year in a running, opting to forego compensation due to the epidemic affecting the industry and economy.
Reliance stated in its most recent annual report that Ambani’s remuneration for the fiscal year 2020-21 was “nil”
Mukesh D Ambani, Chairman and Managing Director of Reliance Industries, voluntarily opted to renounce his income for the fiscal year 2020-21 in June 2020, in light of the COVID-19 epidemic in India, which exacted a heavy toll on the nation’s sociological, economic, and industrial health.
He will continue to forego his pay in 2021-22.
Besides Nita Ambani, other non-executive directors include Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji, former SBI chairperson Arundhati Bhattacharya and former CVC KV Chowdary.
While all independent directors got a ₹ 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 ₹ 1.40 crore. He was appointed to the board with effect from July 19, 2021.
Ambani did not receive any allowances, perquisites, retirement benefits, commissions, or stock options from Reliance for his duties as Chairman and Managing Director in any of these years.
Prior to that, since 2008-09, the Chairman and Managing Director’s income has been regulated at 15 crore in order to provide a personal example of moderation in executive compensation levels.
The remuneration of 15 crore in 2019-20 was the same as in the preceding 11 years.
Since 2008-09, Ambani has maintained his salary, perquisites, allowances, and commission all at 15 crore, foregoing more than 24 crore every year.His cousins Nikhil and Hital Meswani’s pay stayed steady at 24 crore, but this time it included a 17.28 crore commission.
Executive Directors PMS Prasad and Pawan Kumar Kapil had their pay decrease somewhat.
While Prasad received 11.89 crore in 2021-22, a decrease from 11.99 crore in 2020-21, Kapil received 4.22 crore, a decrease from 4.24 crore the previous year.
According to the annual report, Prasad and Kapil were granted “performance-linked incentives for FY 2020-21 paid in FY 2021-22,”
Nita Ambani, a non-executive director on the company’s board, received a sitting fee of 5 lakh and a commission of 2 crore for the year. She had received an 8 lakh sitting fee and a 1.65 crore commission the previous year.
