New Delhi: Mukesh Ambani Continues Salary Freeze
Updated: August 9, 2024, 9:52 PM
Mukesh Ambani, Asia’s richest person and chairman of Reliance Industries (RIL), has gone four consecutive years without taking a salary. He first made this decision during the COVID-19 pandemic in 2020-21, aiming to practice frugality and support the company during challenging times. His annual salary had previously been fixed at Rs 15 crore from 2008-09 to 2019-20.
Ambani remains the 11th richest person in the world with a net worth of $109 billion. He owns 50.33% of Reliance Industries and receives an income of Rs 3,322.7 crore as dividend from the company in 2023-24.
While Ambani has waived his salary, the remuneration of other board members has increased. His cousins, Nikhil and Hital Meswani, received Rs 25.31 crore and Rs 25.42 crore respectively in the same period. Executive Director PMS Prasad’s remuneration also climbed to Rs 17.93 crore from Rs 13.50 crore in the previous year.
Family Dividends and Board Remuneration
Mukesh Ambani’s wife, Nita, who was a non-executive director until August 2023, received Rs 2 lakh as sitting fee and Rs 97 lakh as commission in 2023-24. His children, Isha, Akash, and Anant, who were appointed to the board in October 2023, received Rs 4 lakh as sitting fee and Rs 97 lakh as commission.
Other non-executive directors received Rs 2.25 crore in commission and sitting fees.