Bharti Airtel chairman and chief executive officer Sunil Mittal received a pay package of Rs 27.17 crore last year. That's a whopping 324 times of the median employee remuneration of the company.
Mittal's total remuneration dipped marginally by 2.52 percent, from Rs 27.88 crore in 2013-14, largely because of a sharp decline in his "performance linked incentives" from Rs 13.5 crore to Rs 8.25 crore.
His 'salary and allowances' have otherwise almost doubled to Rs 18.46 crore in 2014-15. Disclosing these details, the company in its annual report for 2014-15 said that Mittal's remuneration was 323.63 times of the median remuneration for all its employees.
This ratio is the highest in case of Mittal in comparison to any other director for the company, followed by CEO (India and South East Asia) Gopal Vittal whose remuneration was Rs 5.34 crore (excluding perquisite value of stock options) — 636 times of the median staff pay.
There has been a decrease of 2.3 per cent in median remuneration of employees in fiscal 2014-15, while the number of permanent employees on the roll of the company was 9,202 as on March 31, 2015. The revenue growth during 2014-15 was 11.17 per cent and net profit growth was 100 per centcent. The average increase in the remuneration of employees excluding Key Managerial Personnel was 10 percent.
All listed companies have been asked to mandatorily disclose these ratios and comparisons, beginning fiscal 2014-15, under the new corporate governance norms of the Securities and Exchange Board of India.
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