Sunil Bharti Mittal, Chairman of India's largest telecom firm Bharti Airtel, will take home a higher annual pay package of over Rs 30 crore, excluding perquisites, for this fiscal.
Mittal - who has been re-appointed as the chairman of the company for another five years - will get a fixed pay of Rs 21 crore per annum and performance-linked variable pay of Rs 9 crore. The package, however, excludes perquisites that shall not exceed 50 per cent of the fixed pay in any financial year.
This was approved at the company's 21st AGM held on August 19, 2016, sources said, adding that the package is applicable for the financial year. As per the company's annual report, Mittal took home a total package of Rs 27.8 crore, which includes Rs 24.6 crore in salary and Rs 1.17 crore in perquisites, for 2015-16.
The AGM also approved revision in remuneration of Bharti Airtel’s Managing Director and CEO (India and South Asia) Gopal Vittal, who ill now take home fixed pay of Rs 7 crore per annum.
He will also be entitled to performance linked incentive, ESOPs, and perquisites. The revision in the remuneration is with effect from June 1, 2016, for the remaining period of his tenure up to January 31, 2018.
Vittal's pay package for 2015-16, as per the company’s annual report, stood at Rs 10.3 crore which includes salary of Rs 5.9 crore and the rest coming from perquisites and stock options.