petroleum Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), which operates in sectors ranging from advertising to telecom and retail, has not taken any salary for the fourth consecutive year. However, Ambani’s children, Asia’s richest man, have received ‘sitting fees’ and ‘commission’ for being on the board of directors of the country’s most valuable company. ‘Sitting fees’ are paid to independent members of the company’s board of directors for attending meetings. Ambani (67) had capped his annual remuneration at Rs 15 crore from financial years 2008-09 to 2019-20.
Not taking salary since corona pandemic
From FY 2020-21, Mukesh Ambani opted to forego his salary due to the COVID-19 pandemic until the company and all its businesses fully return to their earning capacity. According to the company’s recent annual report, in FY 2023-24, he received ‘zero’ amount as salary, allowances as well as retirement benefits. Ambani has been on the board of directors of Reliance since 1977. Ambani has been the chairman since the death of his father and group founder Dhirubhai Ambani in July 2002. Mukesh Ambani was reappointed as the head of Reliance last year for a five-year term till April 2029. He has opted to take zero salary during this period. The special resolution seeking shareholders’ approval for his reappointment last year said, “However, he will be entitled to reimbursement of expenses incurred for travel, meals and accommodation during business trips. This includes spouses and associates.” It said, “The company will make arrangements for providing security to Ambani and his family members and the expenses incurred by the company for this will not be treated as perquisite.”
Ambani’s net worth is $109 billion
Ambani’s wealth is $109 billion. He is the 11th richest person in the world. He and his family own 332.27 crore shares of Reliance or 50.33 percent stake. This stake will give him and his family a dividend income of Rs 3,322.7 crore for 2023-24, for which the company has declared a dividend of Rs 10 per share. The remuneration of Ambani’s cousins Nikhil and Hital Meswani increased to Rs 25.31 crore and Rs 25.42 crore respectively in FY 2023-24. The remuneration of both was Rs 25 crore each in FY 2022-23. This includes a commission of Rs 17.28 crore (which has remained unchanged for the last two financial years).
anant ambani salary
Executive Director P M S Prasad’s remuneration rose to Rs 17.93 crore. He received a salary of Rs 13.50 crore in 2022-23, which includes performance-linked incentives for 2021-22, which was paid in 2022-23. He received a remuneration of Rs 11.89 crore in FY 2021-22. Ambani’s wife Nita Ambani was a non-executive director on the company’s board of directors till August 28, 2023. She took Rs 2 lakh as ‘sitting fee’ and Rs 97 lakh as ‘commission’ for 2023-24. His three children – Isha, Akash and Anant – were appointed to the board of directors in October last year at zero salary. The three received Rs 4 lakh each as ‘sitting fee’ and Rs 97 lakh as ‘commission’.
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