Pay cheques to directors of companies in 2012-13 grew at the weakest pace in three years as a slowdown in the Indian economy crimped corporate profitability, Mint reported. The total remuneration paid to directors in the year ended 31 March stood at Rs.415.46 crore, an annual growth of 18%, but faster than the expansion in net profit, according to comparable data available for 27 of the 50 members of the Nifty, the benchmark index of the National Stock Exchange, which have published their 2012-13 annual reports till 19 July.
Directors’ pay had grown at a rate of 23.6% and 20.8% in the preceding two financial years. Net profit of these 27 companies was Rs.1.5 trillion, an annual growth of 17.4%. In the previous two fiscal years, net profit grew by 21.9% and 8%, respectively.
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