New Delhi: Annual Remuneration of the ITC chairman and the implementing director of Sanjiv Puri rose 47.23 percent to Rs 10.10 Crore in 2020-21, according to the company’s latest annual report.
This increase was based on the revised salary structure, approved by the Company’s shareholders in September 2019, when he took over as his chair.
Puri, who took over as chairman and company implementing director from May 13, 2019, had RS 6.86 Crore Remuneration in 2019-20.
The FY21 remuneration includes basic salaries / consolidation of Rs 2.64 Crore, Perquisites / other benefits of Rs 48 Lakh, performance bonus, and long-term incentives of Rs 6.98 Crore, according to reports.
ITC, which follows a combination of salaries and ESOPs (employee stock option schemes) as a remuneration structure, must change it after British Americal Tobacco (BAT), shareholders in the company, opposed it in 2018 to prevent dilution of its shareholders.
Furthermore, the main managerial personnel compensation, including the chairman and executive director and all time directors, restructured, agreed by shareholders in September 2019.
Thus, increased remuneration of castle for 2019-20 only for part of the year; While at FY2020-21, it takes into account the effect for a year.
After the castle, the second highest paid employee of the company was Nakul Anand, the director all the time ITC on the board, whose salary also rose 30.64 percent at FY21.
Anand, which oversees hospitality, travel, and tourism, and the ITC business retail lifestyle, has RS 5.50 Crore Remuneration at FY21 by opposing Rs 4.21 Crore FY20.
Similarly, Remuneration B Sumant, director all the time and overseeing the company FMCG business including cigarettes, up almost doubled to Rs 4.84 Crore at 2020-21 from Rs 2.32 Crore in the previous year.
Rajiv Tandon’s annual remuneration, all time directors and people responsible for finance, accounting, internal audit and IT function and also for corporate investment subsidiaries, up 38 percent to Rs 4.83 Crore at RS21 3.50 Crore from FY20.