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Ambani’s salary at RIL has been capped at Rs 15 crore since 2009. He voluntarily limited his compensation amid a debate over right-sizing of CEO salaries.
However, for a man who is earning over 100 times that as dividend payout, the salary — Rs 4.75 per second (that translates into Rs 15 crore in a year) — is really just a footnote on the balance sheet.
Reliance Industries has sought shareholders’ nod to give Ambani another five years as the chairman and managing director of the company. Ambani, 61, has been on the board of RIL since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.
The company has in a shareholder notice for the 41st annual general meeting to be held on July 5 in Mumbai, moved a resolution to re-appoint Ambani on expiry of his term April 19, 2019. The notice said he would be paid an annual salary of Rs 4.17 crore and Rs 59 lakh of perquisites and allowances. Retirement benefits are not included in the overall ceiling of remuneration.
He would also be entitled to receive bonus based on net profits and “expenses incurred for travelling, boarding and lodging, including for spouse and attendant(s) during business trips and provision of car(s) for use on company’s business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites,” it said. Also, “the expenses, as may be borne by the company for providing security to Mukesh Ambani and his family members shall not be considered as perquisites and accordingly, not to be included for the purpose of computation of the overall ceiling of remuneration,” the notice said.
Ambani’s wife Nita Ambani, a non-executive director on the company’s board, earned Rs 6 lakh sitting fee. His cousins Nikhil R Meswani and Hital R Meswani saw their compensation rise to Rs 19.99 crore each. They had earned Rs 16.58 crore each in 2016-17.