Reliance seeks shareholder nod to appoint Mukesh Ambani as head for another 5 years at nil salary
The Hindu
Reliance Industries seeks shareholder approval for Mukesh Ambani to serve as Chairman and Managing Director for five years till 2029, drawing nil salary. Board of Directors approved his re-appointment. He has capped his annual remuneration at ₹15 crore since 2008-09 and opted to forego salary due to pandemic.
Reliance Industries Ltd, India's most valuable company, has sought shareholder's approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 — a period during which he has opted to draw nil salary.
Mr. Ambani, 66, will cross the company law-mandated 70 years age for the chief executive of the company and requires a special resolution by the shareholders for him to be appointed beyond that age bar.
In a special resolution, Reliance sought the nod of shareholders to appoint Mr. Ambani as the head of the company till April 2029.
Mr. Ambani has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002.
In the special resolution posted to shareholders, Reliance said its Board of Directors on July 21, 2023 approved "re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term, i.e. with effect from April 19, 2024." Mr. Ambani, it said, had capped his annual remuneration at ₹15 crore from financial year 2008-09 (April 2008 to March 2009) to FY20; and since FY21, he opted to forego his salary, due to COVID-19 pandemic, until the company and all its businesses were fully back to their earnings potential.
Accordingly, he has not been paid any salary and profit-based commission for three years in a row beginning FY21.
At the request of Mr. Ambani, "the Board has recommended that no salary or profit-based commission be paid to him for the proposed term from April 19, 2024 till April 18, 2029," the resolution said.
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