Mukesh Ambani draws ‘nil’ salary for second consecutive year
Reliance, in its latest annual report, said that Mukesh Ambani's remuneration was 'nil' for the financial year 2020-21. He decided to forego his salary for FY 2020-21 in June 2020 and then, continued to draw no salary in FR 2021-22 as well.
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FollowMukesh Ambani, the chairman of Reliance Industries, chose not to receive a salary from his parent company in FY2021–22 for the second consecutive year in response to the pandemic's negative effects on business. In the aftermath of the Covid outbreak, he had also forgone compensation in the preceding fiscal and had not accepted a paycheck from Reliance Industries.
Ambani has not accepted any allowances, perquisites, retirement benefits, commissions, or stock options from Reliance for his position as the company's chairman and managing director for the past two fiscal years (2020–21 and 2021–22). In order to provide a personal example of moderation in executive remuneration levels, his income was restricted at Rs 15 crore prior to these two years. The remuneration of Rs 15 crore for 2019–20 remained consistent with that of the preceding 11 years. Since 2008-09, Ambani has maintained his total compensation package at Rs 15 crore, forgoing more than Rs 24 crore annually.
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"Mukesh D. Ambani, the Chairman and Managing Director, has voluntarily opted to renounce his income in light of the COVID-19 epidemic in India, which has exacted a major toll on the sociological, economic, and industrial health of the nation," the business had stated in June 2020.
His cousins Nikhil and Hital Meswani continued to get the same amount in compensation—Rs 24 crore—but this time it also included a Rs 17.28 crore commission. PMS Prasad and Pawan Kumar Kapil, Executive Directors, suffered a little decrease in their compensation. Nita Ambani, a non-executive director on the board of the firm, received a yearly commission of Rs 2 crore and a sitting fee of Rs 5 lakh. She received a sitting fee of Rs. 8 lakh and a commission of Rs. 1.65 crore the year before.
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(With PTI inputs)
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