New Delhi: Sunil Bharti Mittal, chairman of Bharti Airtel Ltd, will take home a higher annual pay package of over Rs.30 crore, excluding perquisites, for this fiscal.
Mittal, who has been re-appointed chairman of the company for another five years, will get a fixed pay of Rs.21 crore per annum and performance-linked variable pay of Rs.9 crore.
The package, however, excludes perquisites that shall not exceed 50% of the fixed pay in any financial year. This was approved at the company’s 21st annual general meeting held on 19 August 2016, people familiar with the matter said, adding the package is applicable for the fiscal year.
As per the company’s annual report, Mittal took home a total package of Rs.27.8 crore, which includes Rs.24.6 crore in salary and Rs.1.17 crore in perquisites, for 2015-16.
The AGM also approved revision in remuneration of Bharti Airtel’s managing director and CEO (India and South Asia) Gopal Vittal, who will now take home fixed pay of Rs.7 crore per annum.
He will also be entitled to performance linked incentive, ESOPs, and perquisites. The revision in the remuneration is with effect from 1 June 2016 for the remaining period of his tenure up to 31 January 2018.
Vittal’s pay package for 2015-16, as per the company’s annual report, stood at Rs.10.3 crore which includes salary of Rs.5.9 crore and the rest coming from perquisites and stock options.