Chairman of oil and gas major Reliance Industries Limited will forgo nearly Rs.24 crore from his yearly pay last financial year as the chairman of the company, reports said.
Ambani will cap at Rs.15 crore for the fourth year in a row, after the decision to limit his salary was taken in October 2009, amid a raging debate on right-sizing of CEO salaries.
In its latest annual report for the year 2011-12, RIL said that Ambani's total pay package stood at Rs 15 crore, as against his eligibility of Rs 38.82 crore as per the shareholders' approval.
The company's total remuneration for top management personnel and commission paid to non-executive directors had fallen during 2010-11 before rising again in 2011-12.
At its AGM next month, RIL would seek shareholders' nod for payment of commission of up to 0.40 per cent of net profit to Ambani and two whole-time directors (Nikhil and Hital Meswani) as remuneration in addition to their salary, perquisites and allowances, reports said.
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