Mumbai, October 15: Aiming to set a “personal example” of moderation in executive salaries, Reliance Industries today said its chief Mukesh Ambani has decided to lower his pay package by nearly two-thirds to Rs 15 crore for 2008-09.
At the same time, India’s most valued corporate house also announced a new structure for salaries and remuneration of top executives wherein the pay packets would be capped, as against the prevailing system of commission linked to profits.
As a result of scaling down of his package from over Rs 44 crore in 2007-08 to Rs 15 crore, Mukesh Ambani would get a lot less than many other industrialists and executives heading companies with a size less than one-tenth of RIL.
The development comes amid debate on whether or not there should be regulation on salaries of CEOs following suggestions by Corporate Affairs Minister Salman Khursheed.
–PTI