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This isnt just crazy... its obscene
Telecom giant Bharti Airtel today proposed an annual pay package of up to Rs. 70 crore for its chief Sunil Mittal, besides other benefits, while seeking shareholders' nod for his remuneration.
The proposed package would be more than double his last fiscal remuneration of Rs. 27.5 crore, which is nearly three-fourth or about 76 per cent of the combined pay package of the company's all directors in fiscal ended March 31, 2011.
As per Bharti Airtel's annual report, released today, Mittal's remuneration rose by about Rs. 4 crore or 17 per
cent from his 2009-2010 fiscal's package of Rs. 23.5 crore.
Bharti Airtel also sought its shareholders' approval for re-appointment of Mittal as its Managing Director for another five years with effect from October 1, 2011, at a remuneration package of up to Rs. 70 crore besides other benefits.
Interestingly, the remuneration for Manoj Kohli, Bharti Airtel's Joint Managing Director, fell to Rs. 4.1 crore, from Rs. 4.52 crore in the previous fiscal.
Total remuneration for all directors rose from Rs. 29.89 crore to Rs. 35.98 crore. Along with the annual report, the company also released the notice for its upcoming Annual General Meeting (AGM) on September 1, where it will seek shareholders' nod for Mittal's re-appointment and remuneration. Mittal would complete his current term as Managing Director on September 30.
The company has proposed a total fixed pay (inclusive of salary, allowances and retirement benefits) of up to Rs. 20 crore per annum for Mittal. Besides, he would be paid variable pay (performance- linked incentives) of up to 200 per cent of the annual fixed pay in a financial year and also perquisites worth up to 50 per cent of the fixed pay, taking the total package to an amount not exceeding Rs. 70 crore.
Mittal would also be entitled to other benefits like leave encashments and reimbursements of all "legitimate expenses incurred by him in performance of his duties".
However, the aggregate remuneration, inclusive of fixed pay, variable pay, perquisites, allowances and other benefits payable to Mittal as MD would be subject to the overall ceilings laid down by the government, it added.
The company further said Mittal was at present entitled to a fixed remuneration of Rs. 10 crore, plus variable pay and other benefits and the proposed remuneration was "an enabling one and sets out the maximum amount that can be paid to Sunil Mittal over a period of 5 years or until September 30, 2016."
Mittal's pay package in 2010-11 included salary and allowances of Rs. 9.58 crore, performance linked incentive of Rs. 17.87 crore and perquisites worth Rs. 4.83 lakh.
In a statement, Bharti Airtel today said that there would be no increase in the total remuneration of its Chairman and Managing Director, Sunil Bharti Mittal during FY 2011-12.
NDTV Profit, 01 Aug 11
Telecom giant Bharti Airtel today proposed an annual pay package of up to Rs. 70 crore for its chief Sunil Mittal, besides other benefits, while seeking shareholders' nod for his remuneration.
The proposed package would be more than double his last fiscal remuneration of Rs. 27.5 crore, which is nearly three-fourth or about 76 per cent of the combined pay package of the company's all directors in fiscal ended March 31, 2011.
As per Bharti Airtel's annual report, released today, Mittal's remuneration rose by about Rs. 4 crore or 17 per
cent from his 2009-2010 fiscal's package of Rs. 23.5 crore.
Bharti Airtel also sought its shareholders' approval for re-appointment of Mittal as its Managing Director for another five years with effect from October 1, 2011, at a remuneration package of up to Rs. 70 crore besides other benefits.
Interestingly, the remuneration for Manoj Kohli, Bharti Airtel's Joint Managing Director, fell to Rs. 4.1 crore, from Rs. 4.52 crore in the previous fiscal.
Total remuneration for all directors rose from Rs. 29.89 crore to Rs. 35.98 crore. Along with the annual report, the company also released the notice for its upcoming Annual General Meeting (AGM) on September 1, where it will seek shareholders' nod for Mittal's re-appointment and remuneration. Mittal would complete his current term as Managing Director on September 30.
The company has proposed a total fixed pay (inclusive of salary, allowances and retirement benefits) of up to Rs. 20 crore per annum for Mittal. Besides, he would be paid variable pay (performance- linked incentives) of up to 200 per cent of the annual fixed pay in a financial year and also perquisites worth up to 50 per cent of the fixed pay, taking the total package to an amount not exceeding Rs. 70 crore.
Mittal would also be entitled to other benefits like leave encashments and reimbursements of all "legitimate expenses incurred by him in performance of his duties".
However, the aggregate remuneration, inclusive of fixed pay, variable pay, perquisites, allowances and other benefits payable to Mittal as MD would be subject to the overall ceilings laid down by the government, it added.
The company further said Mittal was at present entitled to a fixed remuneration of Rs. 10 crore, plus variable pay and other benefits and the proposed remuneration was "an enabling one and sets out the maximum amount that can be paid to Sunil Mittal over a period of 5 years or until September 30, 2016."
Mittal's pay package in 2010-11 included salary and allowances of Rs. 9.58 crore, performance linked incentive of Rs. 17.87 crore and perquisites worth Rs. 4.83 lakh.
In a statement, Bharti Airtel today said that there would be no increase in the total remuneration of its Chairman and Managing Director, Sunil Bharti Mittal during FY 2011-12.
NDTV Profit, 01 Aug 11
