Business Daily from THE HINDU group of publications
Monday, Jun 02, 2008
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Business Daily from THE HINDU group of publications Monday, Jun 02, 2008 ePaper | Mobile/PDA Version | Audio |
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Software Info-Tech - Human Resources
The commission structure was commensurate with global best practices in terms of remunerating non-executive directors of a company of similar size and adequately compensates for the time and contribution made by them, the annual report says. T.E. Raja Simhan
Chennai, June 1 Cash compensation to Infosys directors increased by 81 per cent to Rs 10.45 crore during the year ended March 31, 2008 compared with Rs 5.76 crore a year ago. The compensation includes basic salary, allowances and taxable value of perquisites. The information technology major paid Rs 4.19 crore as commission to its non-executive directors, which was a 135 per cent increase over the previous year’s Rs 1.78 crore, according to the company’s 2007-08 annual report. The increase in commission was high despite the rupee appreciation against the dollar. In 2007-08, the commission was calculated based on the exchange value of Rs 40.02 a dollar, compared with Rs 43.10 a dollar a year ago. The payment of fixed pay was increased to $75,000 compared with $35,000 and variable pay (based on the board meeting attendance) doubled to $25,000. global best practicesThe commission structure was commensurate with global best practices in terms of remunerating non-executive directors of a company of similar size and adequately compensates for the time and contribution made by them, the annual report says. The nine-member non-executive/independent directors include Mr N.R. Narayana Murthy, Mr Deepak M. Satwalekar, Prof Marti G. Subramanyam and Dr Omkar Goswami. Mr T.V. Mohandas Pai, Infosys Director, saw his gross remuneration nearly double to Rs 1.78 crore (Rs 91.65 lakh). The second-highest salary was drawn by Mr Srinath Batni, Director and Head (Delivery Excellence), Infosys, who got a 66 per cent increase to Rs 1.26 crore (Rs 77.64 lakh). The company’s CEO, Mr S. Gopalakrishnan, enjoyed a 57 per cent increase in compensation to Rs 81.45 lakh (Rs 51.74 lakh). However, the company’s CFO, Mr V. Balakrishnan, saw his annual compensation decline by 19 per cent to Rs 62.92 lakh (Rs 77.56 lakh), says the annual report. More Stories on : Software | Human Resources | Forex | Infosys Technologies Ltd
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