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Mukesh Ambani Doesn't Want A Raise On His ₹15 Crore Salary

Ambani, the richest Indian, has kept salary, perquisites and allowances and commission at ₹15 crore since 2008-09.
File photo of Mukesh Ambani, Chairman of Reliance Industries Ltd.
Hindustan Times via Getty Images
File photo of Mukesh Ambani, Chairman of Reliance Industries Ltd.

NEW DELHI -- Reliance Industries' Chairman and Managing Director Mukesh Ambani kept his annual salary capped at ₹15 crore for the eighth year in a row even as the remuneration of all executive directors on firm's board rose.

Ambani, the richest Indian, has kept salary, perquisites and allowances and commission at ₹15 crore since 2008-09, foregoing almost ₹24 crore per annum.

"The Chairman and Managing Director's compensation has been set at ₹15 crore as against ₹38.75 crore as approved, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its annual report for 2015-16.

His remuneration for 2015-16 included ₹4.16 crore as salary and another ₹60 lakh by way of prequisites and allowances. He got retirement benefits of ₹71 lakh and ₹9.53 crore as commission on profit. While the base salary is the same as the previous year, the commission on profit has marginally risen from ₹9.41 crore in 2014-15.

Ambani voluntarily capped his compensation at ₹15 crore 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 ₹14.42 crore and ₹14.41 crore, respectively. They had in the previous year got ₹12.03 crore.

Also, his key executives, including Executive Director PMS Prasad saw his remuneration go up to ₹7.23 crore from ₹6.03 crore, previously.

Refinery chief Pawan Kumar Kapil saw his compensation rise to ₹2.94 crore in 2015-16, higher than ₹2.41 crore in 2014-15.

RIL's non-executive directors including Nita Ambani, also got ₹1.2 crore each as commission, besides sitting fees.

Ambani's wife Nita Ambani, who is a non-executive director on the company's board, earned ₹6 lakh sitting fee and a commission of ₹1.20 crore, according to the annual report.

Apart from Ambani, the RIL board has Meswani brothers, Prasad and Kapil as wholetime directors.

Besides Nita Ambani, other non-executive directors include Dharam Vir Kapur, Dipak C Jain, Mansingh L Bhakta, Yogendra P Trivedi, Raminder Singh Gujral, Ashok Misra, Raghunath A Mashelkar and Adil Zainulbhai.

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This article exists as part of the online archive for HuffPost India, which closed in 2020. Some features are no longer enabled. If you have questions or concerns about this article, please contact indiasupport@huffpost.com.