Hindustan Unilever Limited (HUL), CEO Sanjiv Mehta and CFO PB Balaji reported receiving no hike in salary for this year. Mehta took a salary of Rs.14.20 crore and Balaji, Rs.8.33 crore in the financial year 2017. According to the company’s Annual Report, the ratio of compensation of Mehta to the median remuneration of employees stood at 138.44 per cent and that of Balaji at 81.36 per cent.
However, the average salary for managers was raised. Pradeep Banerjee who is Executive Director, Supply Chain and Dev Bajpai who is Executive Director, Legal & Corporate Affairs and Company Secretary received hikes of 8 per cent each in their salaries and took home Rs.4.75 crore and Rs.4.69 crore, respectively. The ratio of their salaries to the median remuneration of employees was at 46.48 per cent and 45.93 per cent, respectively.
HUL was quoted in media saying, “The remuneration paid during the year is as per the remuneration policy of the company and the average increase is also an outcome of the company’s market position.”
Earlier reported in People Matters, Wipro Chief Azim Premji’s compensation dropped by 63% this year 2016-17 as he took nil commission for the said year. The decline in company’s performance is reported to have impacted Wipro’s top executive’s pay package.