News: Anand Mahindra’s salary rises to Rs.7.67 crore in FY17

Leadership

Anand Mahindra’s salary rises to Rs.7.67 crore in FY17

Pawan Goenka, Managing Director, received Rs7.39 crore as remuneration, excluding perquisite value of ESOPs exercised for 2016-17.
Anand Mahindra’s salary rises to Rs.7.67 crore in FY17

Anand Mahindra, Chairman of Mahindra and Mahindra Ltd., received a 16.38% hike in salary this year. He is reported to take home a salary of Rs. 7.67 crore in FY17. According to a media report, the ratio of his remuneration to that of the median compensation of employees was 108:27. 

According to M&M’s annual report, there was an increase of 0.43% in the median compensation of employees. The report further stated that the average percentage decrease made in the salaries of employees other than managerial personnel in 2016-17 was 1.46% whereas the decline in the managerial remuneration for the year was 7.35%.

Additionally, Pawan Goenka, Managing Director, received Rs7.39 crore as remuneration, excluding perquisite value of ESOPs exercised for 2016-17. M&M Group CFO and CIO V.S. Parthasarathy received Rs3.52 crore as salary, excluding income value of ESOPs exercised, up 19.74% from the previous year.

As earlier reported by People Matters, the ratio of the CEOs or Chairmen to employee remuneration was as high as 1200 times. The companies have seen a rise in the top executive pay included Wipro, TCS, Kotak Mahindra Bank, Axis Bank, Bajaj Auto, Tata Steel, M&M, Hero Motocorp, Lupin and Bharti Airtel. The overall key management pay rose significantly for Bharti Airtel, HDFC Bank, HDFC Ltd, TCS and Asian Paints.

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Topics: Leadership, Compensation & Benefits

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