Mukesh Ambani: Reliance CEO Mukesh Ambani did not receive any salary for the fourth consecutive year.
Mukesh Ambani, chairman of India's most valuable company, Reliance Industries Ltd., took no salary for the fourth consecutive year from his group, which operates in oil, telecommunications, and retail. His children receive commissions and seat fees in return for joining the board.
Ankush Pandey
Mukesh Ambani: The 67-year-old crorepati set an individual salary record for top managerial positions by capping his annual compensation at Rs 15 crore between FY09 and FY20.
In FY21, Ambani decided to forego his salary after the COVID-19 pandemic spread across the world. He decided not to take any salary until the company and all its businesses are fully back to their earning potential.
As per the company's latest annual report, he received 'nil' salary, allowances, and perks as well as retirement benefits in FY24.
Ambani was reappointed as Reliance CEO last year for another five-year term that will end in April 2029. Ambani has been on the board of Reliance since 1977 and was elevated to the position of chairman in July 2002 after the death of his father and the firm's patriarch, Dhibhai Ambani.
"He shall, however, be entitled to reimbursement of expenditure on travel, accommodation, and meals during business visits, including spouses and attendants, and provision of a car for company business and communication expenses at residence, which shall be reimbursed in actual terms and shall not be treated as a perquisite," the special resolution issued last year to seek shareholders' approval for his reappointment said.
"The company will make arrangements to provide security to Ambani and his family members and the expenditure incurred by the company for this will not be treated as allowance.
Ambani is the 11th richest person in the world with a net worth of $109 billion.
Executive Director PMS Prasad's remuneration increased to Rs 17.93 crore. He received Rs 13.50 crore in 2022-23, which includes performance-based incentives for 2021–22, paid in 2022-23. He received Rs 11.89 crore in 2021-22.
Mukesh Ambani's three children Isha, Akash and Anant were inducted into the board in October last year without any salary. They were paid a sitting fee of Rs 4 lakh each and a commission of Rs 97 lakh.
Adil Zainulbhai, Shumit Banerjee, Raminder Singh Gujral, former SBI chair Arundhati Bhattacharya, former CVC K V Chowdhary, senior banker K V Kamath, and Saudi sovereign wealth fund nominee Yasser Othman H Al Rumayyan are among the other non-executive directors.
All independent directors received a commission of Rs 2.25 crore (up from Rs 2 crore in 2022-23) and sitting fees. source of news
