Indian billionaire Mukesh Ambani drew no salary from his flagship firm Reliance Industries in the last fiscal for the second year in a row 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”, reports HT.
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 ₹15 crore since 2008-09 in order to set a personal example of moderation in managerial compensation levels.
The ₹15 crore salary in 2019-20 was the same as in the previous 11 years.