Chairman of Vedanta Resources, Anil Agarwal, got a little over 16 per cent hike in his annual remuneration to 2.01 million pounds (Rs 15.36 crore) in 2011—12.
Agarwal’s cumulative remuneration included annual performance bonus of 0.55 million pounds and payment of 56,000 pounds as benefits in kind to him for spearheading the mining and natural resources conglomerate, according to Vedanta’s annual report for 2011—12.
The total remuneration of Agarwal, who holds over 56 per cent stake in the London Stock Exchange listed firm, stood at 1.731 million pounds in 2010—11.
Vedanta has proposed a modest increase of 5.05 per cent in Agarwal’s annual base salary in the current fiscal (2012—13) to 1.475 million pounds, besides annual bonus and benefits in kind, according to the company’s annual report.
Increase of over 16 per cent in Agarwal’s total pay package for the last fiscal is in contrast with other leading industrialists of the country who have either gone for a modest pay hike or for cuts in remuneration due to adverse economic conditions.
Among the leading industrialists, Reliance ADAG Chairman Anil Ambani went for a drastic cut of nearly two—third in his annual pay package to Rs 5.5 crore in 2011—12, while Sunil Bharti Mittal, Chairman and MD of Bharti Airtel, took a 22 per cent pay cut with a total remuneration of Rs 21.3 crore in the last fiscal.
IT giant Wipro’s chief Azim Premji’s remuneration also nearly halved to Rs 1.9 crore in 2011—12. Besides, Reliance Industries Chairman Mukesh Ambani had capped his annual pay package at Rs 15 crore a year for four years now.
Lakshmi Mittal, the Chairman and Chief Executive of world’s largest steel producer ArcelorMittal, took a 5.33 per cent increase in his annual compensation to $1.74 million in 2011.