He would be entitled to a commission ranging between Rs 30 lakh and Rs 60 lakh for each financial year
Diversified conglomerate ITC's most illustrious head, Y C Deveshwar, who retired in February as its executive chairman, would be getting a consolidated salary of Rs 1 crore a month for the next three years.
In addition, Deveshwar, who is now serving as the non-executive chairman, would be entitled to a commission ranging between Rs 30 lakh and Rs 60 lakh for each financial year apart from rent-free furnished accommodation and medical expenses, the company said while seeking the approval of its shareholders at the ensuing annual general meeting of the company.
Such a salary to a non-executive head of the company has been justified in "consideration of the enlarged role of Mr Deveshwar" which involves mentoring the newly-appointed chief executive officer Sanjiv Puri to "take independent charge of the executive leadership" of ITC.
"It may be recalled that Mr Deveshwar, at the request of the Nomination and Compensation Committee and the Board, recognising the need for orderly transition in a company of ITC's size and complexity, agreed to continue as chairman in non-executive capacity and also play the role of mentor to the new executive management," ITC said.
Deveshwar got Rs 21.16 crore as remuneration including perquisites and performance bonus and part of retirement benefits as per the FY17 annual report, a jump of 54% against Rs 13.72 crore in FY16.
The FY17 figure, however, includes the retirement benefits component of Rs 4.10 crore in form of leave encashment.
Deveshwar's ratio of remuneration to the median remuneration of all employees was a whopping 508:1 in FY17 against just 138.44:1 for Hindustan Unilever managing director and CEO Sanjiv Mehta who pocketed Rs 14.20 crore in FY17.
Sanjiv Puri's consolidated salary per month would be Rs 12 lakh plus up to 300% performance bonus plus perquisites of up to Rs 15 lakh a year.
In FY17, one of the highest beneficiaries of CEO compensation was Vishal Sikka of Infosys who drew Rs 45.11 crore including bonus and stock grant.
In FY16, average CEO salary at top-listed companies in the private sector was close to Rs 20 crore — double the level seen just two years ago at about Rs 10 crore.
THE BIG PAY
- He would be entitled to a commission ranging between Rs 30 lakh and Rs 60 lakh for each financial year
- The salary and the commission is apart from rent-free furnished accommodation, medical expenses
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