Mukesh Ambani, chairman and managing director of the conglomerate Reliance Industries and also India’s richest man, will renounce two thirds of his remuneration to set a personal example of pay restraint. In one of its latest meetings, RIL’s remuneration committee decided to decrease Mr. Ambani’s commissions by 69%, simultaneously with a marginal increase of his wage and fringe benefits. This results in a total income drop of 66%, reducing his salary to 150 million rupees (3,3 million dollars) as opposed to 442 million rupees in 2008.
This event shows us that all around the world, the issue of executive compensation is being handled. The RIL meeting took place a couple of days after Salman Khurshid (the Corporate Affairs Minister of India) urged firms not to give excessive pays to top executives. Earlier, Anil Ambani (Mukesh’s younger brother) decided to relinquish his wage and commissions.
Telegraph
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