BUSINESS
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.
Who is Rohit Chopra? Indian-origin businessman called arrogant by JPMorgan CEO Jamie Dimon
All eyes on Mohammed bin Salman, as Trump, Putin and Zelensky set to meet in Saudi Arabia for...
WATCH: BJP office bearer dances to ‘Main Hoon Don’ flashing gun, FIR filed
Nepal student death: Massive protests at Odisha's KIIT University, students demand justice
Meet man, son of famous film actor, cracked UPSC exam with full-time job, his AIR was…
Mahakumbh 2025: Fire breaks out again at Prayagraj, no casualties reported
Gautam Adani, India's second richest man, donates Rs 2000 crore for setting up 20...
‘I am not a...’: Jaya Kishori BREAKS silence on her Rs 2.6 lakh Dior bag controversy, WATCH here
Dil Madharasi Teaser: Sivakarthikeyan impresses in rugged avatar, to face off against Vidyut Jammwal
PCB breaks silence on no Indian flags in Pakistani stadiums ahead of Champions Trophy 2025
Delhi residents report hearing mysterious ‘boom’ sound during earthquake; what caused it?
After Narayana Murthy's Infosys, Ratan Tata’s TCS makes BIG announcement, set to issue...
JPMorgan Chase CEO rejects hybrid work requests from employees amid layoffs says, ‘Don’t waste...'
Auspicious Start for 'Jatadhara': Mahurat ceremony held in Hyderabad
Kirill Yurovskiy: How to Build a Sustainable Fashion Brand in the UK
Bad news for Jhunjhunwala as the company loses Rs..., stock goes down by...
Audi launches Audi RS Q8 2025 in India: Know price, specifications and unique features
The Power of Ayurveda: Dr Shyam's Ayurveda Leads the Wellness Revolution in Dubai
15 Crucial Factors to Consider Before Choosing MBBS in Georgia 2025: Education Vibes
Narayana Dominates JEE Main 2025 Session 1 with Exceptional Results
Karan Johar says Yash Johar was 'heartbroken' when Amitabh Bachchan's... flopped: 'He believed...'
Meet Acharya Indravarman: The best astrologer in Bengaluru & Karnataka
How to increase your chances of getting a personal loan
After retaining Asia's richest family tag, now Mukesh Ambani's Reliance beats Apple to become...
Ex-star cricketer, wife buy luxury apartment for Rs 110000000, it is located in...
How a name change caused makers of Bira beer to lose hundreds of crores; know what happened
The Power of Networking: How IFERP memberships open doors to global opportunities for universities
India's Got Latent row: Maharashtra Cyber Cell refuses Samay Raina's special request to...
Mukesh Ambani's wife Nita Ambani makes passionate pitch for Olympics 2036, says 'India will...'
Jyotiraditya Scindia makes BIG announcement on 6G, claims internet speed will be...
Meet man, who was once member of MS Dhoni-led Chennai Super Kings, now works as a bus driver
Did Virat Kohli get special food delivery amid BCCI's 'no personal chef' rule? Report claims...
Gautam Adani's BIG move in space sector, Adani-backed firm among three finalists in India's...
New India Co-op Bank: RBI uncovers massive fraud of Rs 122 crore; know what’s the case
Shakira hospitalised due to abdominal pain, apologises to fans for cancelling Peru concert
South Korean actress Kim Sae-ron of A Brand New Life fame found dead at 24
'Life-threatening cold' ALERT in US as Polar Vortex, snow, floods grip America: What does that mean?
Champions Trophy 2025: No Indian flag in Lahore Stadium sparks controversy ahead of tournament
Cristiano Ronaldo vs Lionel Messi, who is better? 66 per cent of former footballers believe...
After strong tremors in Delhi-NCR, 4.0 magnitude earthquake jolts Bihar's Siwan
Delhi-NCR earthquake: Netizens react with hilarious memes amid 4.0 magnitude tremors, check here
BAFTA: Payal Kapdia's All We Imagine As Light faces another disappointment, films loses to...
Student paraglides to college after getting late for exam, netizens react, watch viral video
Israeli PM Benjamin Netanyahu issues BIG warning to Hamas: 'Gates of hell will...'
Delhi-NCR Earthquake Today: Tremors of magnitude 4 jolt Delhi and adjoining areas
This film has broken world box office records, not Hollywood, Bollywood but...
Meet Satyam Pandey who got high-paying job offer, not from IIM, NIT, IIIT, his annual salary is…
Gurgaon couple reunites with lost dog after three-month search in Agra
Meet man, IIT graduate, who topped UPSC exam in third attempt, he is from...
Noida authority takes BIG action against promoters of 2 housing projects, as realty firm fails to...
WPL 2025: Ashleigh Gardner, Deandra Dottin star as Gujarat Giants beat UP Warriorz by 6 wickets
This city is the coldest, darkest and most polluted in the world, tourists are banned here due to...
New Fastag rules from today: Users may incur additional charges if...; check details
Inside Kareena Kapoor, Saif Ali Khan's son Jeh's mario-themed birthday bash, watch
Meet Indian genius, who got high-paying job offer, not from IIT, IIM, his annual salary is Rs…
Shoaib Ibrahim gifts new house to his mother-in-law, Dipika Kakar's mother gets emotional
Deepika Padukone joins Kartik Aaryan, Anil Kapoor, Jackie Shroff at Mumbai event; see viral photos
Man wanted in Canada's biggest gold heist found living in THIS Indian city, he is...
'Free Samay Raina': Badshah shouts at his concert in Gujarat
'Rohit Sharma or Virat Kohli...': R Ashwin lambasts 'superstar culture' in Indian cricket