Tata Steel MD Narendran took home Rs8.17 crore salary in FY17
New Delhi: Tata Steel Managing Director (India and South East Asia) T V Narendran took home a salary of Rs8.17 crore in 2016-17, an increase of 11.87% from Rs7.3 crore in the previous year, according to the company’s annual report. Group Executive Director (Finance, Corporate and Europe) Koushik Chatterjee’s remuneration for the last fiscal too increased by 10.06% to Rs8.09 crore from Rs7.36 crore in 2015-16, it added.
Company Secretary Parvatheesam K received a hike of 24.98% with his remuneration rising to Rs1.53 crore last fiscal, as compared to Rs1.22 crore in the preceding fiscal. During the year, there has been no exceptional increase in remuneration for key managerial personnel (KMP), Tata Steel said in its Annual Report 2016-17.
Tata Steel, which saw its net loss widen to Rs4,168.57 crore last fiscal from Rs497.09 crore in the previous year, said the average percentage increase in salary of its employees, excluding the KMPs, in FY17 was 6.60%.
Independent directors of the company, except for Nusli Wadia who was voted out from the board by shareholders in December last year, saw their remuneration rise between 6.28% and 77.95%. According to Tata Steel’s annual report, independent director Jacobus Schraven who retired in February, drew Rs75.60 lakh, up 17.39%.
Subodh Bhargava, who also retired in March, received Rs1.20 crore, an increase of 6.18 per cent, while Mallika Srinivasan’s remuneration jumped by 77.95% to Rs93.60 lakh, it added. Another independent director O P Bhatt had a remuneration of Rs1.29 crore during the fiscal, up 16.44% from the previous fiscal.
Similarly, Andrew Robb had a remuneration of Rs77.70 lakh, up 13.27% the previous fiscal, the report said. Non-executive directors Ishaat Hussain and D K Mehrotra received Rs 1.30 crore and Rs75.20 lakh, respectively during the year. The two had received Rs1.17 crore and Rs54.10 lakh respectively in the preceding fiscal.