Reliance chief Mukesh Ambani draws nil salary for 4th year in a row

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Mukesh Ambani, the chairman of India's most valuable company Reliance Industries Ltd, did not draw a salary from his oil-to-telecom-and-retail conglomerate for the fourth straight year while his children earned sitting fees and a commission for being on the board.

The 67-year-old billionaire capped his annual remuneration at Rs 15 crore from FY09 to FY20 to set a personal example of salaries at higher managerial positions.

In FY21, Ambani opted to forgo his salary after Covid-19 pandemic hit the world. He decided against drawing any salary until the company and all its businesses were fully back to their earnings potential.

In FY24, he received 'nil' salary, allowances, and perquisites as well as retiral benefits, according to the latest annual report of the company.

Ambani, who has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002, was just last year re-appointed as the head of Reliance for another five-year term till April 2029.

"He shall, however, be entitled to reimbursement of expenses incurred for travelling, boarding and lodging including for spouse and attendant(s) during business trips and provision of car(s) for use on company's business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites," the special resolution seeking shareholder nod for his re-appointment said last year.

"The company shall arrange to provide security to Ambani, and his family members and the expenses borne by the company for the same shall not be considered as perquisites.

With a net worth of $109 billion, Ambani is the 11th richest person in the world.

Executive director PMS Prasad saw his remuneration rise to Rs 17.93 crore. He drew Rs 13.50 crore in 2022-23, including performance-linked incentives for 2021-22, which were paid in 2022-23. In 2021-22, he drew Rs 11.89 crore.

Mukesh Ambani's three children, Isha, Akash, and Anant were appointed to the board in October last year at nil salary. They received Rs 4 lakh each as sitting fee and Rs 97 lakh as commission.

Other non-executive directors include Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji, former SBI chairperson Arundhati Bhattacharya, former CVC K V Chowdary, veteran banker K V Kamath and Saudi sovereign wealth fund nominee Yasir Othman H Al Rumayyan.

All independent directors got Rs 2.25 crore commission (up from Rs 2 crore in 2022-23) and sitting fees.

With PTI inputs

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.