New Delhi: Mahindra and Mahindra Ltd (M&M) chairman Anand Mahindra took home a salary of Rs7.67 crore during 2016-17, an increase of 16.38% from the previous fiscal, said the company’s annual report.
In terms of ratio of his remuneration to that of the median remuneration of employees, it was 108:27, the report added. Similarly, managing director Pawan Goenka received Rs7.39 crore as remuneration, excluding perquisite value of ESOPs exercised for 2016-17. This was an increase of 15.86%, said the report.
The ratio of Goenka’s remuneration to that of the median remuneration of employees was 104:43. As per the report, the median remuneration of employees of the company in 2016-17 was at Rs7.08 lakh. “In the financial year, there was an increase of 0.43% in the median remuneration of employees,” it added. The report further said the average percentage decrease made in the salaries of employees other than managerial personnel in 2016-17 was 1.46% whereas the decrease in the managerial remuneration for the year was 7.35%.
“The remuneration of the executive chairman and the managing director is decided based on the individual performance, inflation, prevailing industry trends and benchmarks,” it said. The report also said M&M Group CFO and CIO V.S. Parthasarathy received Rs3.52 crore as remuneration, excluding perquisite value of ESOPs exercised, up 19.74% from the previous year.
