TIL Desk/Business/Mumbai/ Billionaire Mukesh Ambani for the second year in a row drew no salary from his flagship firm Reliance Industries in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy. In its latest annual report, Reliance said Ambani’s remuneration for the financial year 2020-21 was ‘nil’.
In June 2020, Mukesh D Ambani, the Chairman and Managing Director of Reliance Industries, voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation. He continued to forgo his salary in 2021-22 as well.
In both these years, Ambani did not avail of any allowances, perquisites, retiral benefits, commission or stock options from Reliance for his role as the chairman and managing director. Prior to that, the chairman and managing director had his salary capped at Rs 15 crore since 2008-09 in order to set a personal example of moderation in managerial compensation levels.
The Rs 15 crore salary in 2019-20 was the same as in the previous 11 years. Ambani has kept salary, perquisites, allowances and commission together at Rs 15 crore since 2008-09, forgoing over Rs 24 crore per annum.
