pay ratio disclosure

PAY-RATIO DISCLOSURES BY NIFTY COMPANIES

INGOVERN RESEARCH SERVICES

November 2015


NOVEMBER 2015 PAGE 2

As per the Companies Act, 2013, Indian companies have started making director pay-ratio disclosures in annual reports. This report

analyses the pay-ratio disclosures made by Nifty-50 companies and provides key-takeaways. The report also compares Indian pay-

ratio disclosure regulations with those in the US.

HIGHLIGHTS

34 Nifty-50 Companies disclosed Pay-ratios.

Pay of 95 Directors analysed in this study 34 95

3 Companies - Bajaj Auto, Bosch and Maruti Suzuki

shied away from making any such disclosures

PSUs are exempted from Pay-Ratio Disclosures.

Nifty-50 has 10 PSUs

3 Cos.

10 PSU



11 Directors’ Remuneration exceeds 400 times

the median employee pay of their companies.

This includes 3 Directors each of Hero

MotoCorp and Lupin

11 400

70% of the top-10 Highest Paid Directors of Nifty

companies are Promoter individuals

70% Promoter

Mr. Kumar Mangalam Birla was the only Non-

executive Director among the top-10 highest paid

directors. He is Non-executive Chairman of 4

Nifty companies and was paid a total of Rs. 40.5

Crores in FY15 from these companies

40Cr NED



Rs. 9.00 Crore: Average remuneration of an

Executive Director of Nifty Company

9Cr ED

Rs. 5.87 Lakh: Average Median Employee

Remuneration.

5.9L MER

170 times: Average ratio of Pay of Executive

Directors to the Median Employee Remuneration.

170 Ratio

8 Directors paid more than 1% of the standalone

net profits with the highest being 2.33%.

10 Directors paid less than 0.035% of the

standalone net profits.

8 10



PAGE

SUMMARY 2

BACKGROUND 6

THE PROVISIONS 7

KEY TAKEAWAYS 12

ANNEXURE

o DIRECTORS’ PAY-RATIO LIST IN

DECREASING ORDER 18

o COMPANY-WISE DIRECTOR’S

PAY-RATIO LIST 24

o REMUNERATION BREAK-UP AND

INFORMATION ON STOCK

OPTIONS 30



THE BACKGROUND

India-listed companies had to make additional and detailed disclosures on remuneration in the annual

reports for the financial year 2015. These disclosures were result of the requirements under Section 197

of the Companies Act, 2013. One of such requirement was disclosure of the pay-ratio of directors and

key managerial personnel with that of the median employee remuneration.

The Companies Act, 2013 empowers shareholders to vote on proposals for fixing of remuneration of

directors. In comparison, shareholders of US incorporated companies get to cast a non-binding vote on

such proposals. A non-binding vote doesn’t have any direct implication on passing of the proposal. It

is just a way to convey the opinion of the shareholders to Board. The CEO’s pay is set by the Board in

consultation with its Remuneration Committee and affirmation is sought from shareholders through

the proposal. If majority of the votes are against the proposal, the Board has the discretion to either

change the terms of the remuneration or go ahead with the unchanged original pay. This provision is

widely regarded in the US as ‘Say on Pay’.

Indian regulations’ ‘Vote on Pay’ gives shareholders of India-incorporated companies a significant

authority in comparison to the US regulations’ ‘Say on Pay’.

In spite of being provided with such an authority, shareholders of Indian companies have rarely taken

a principled stand in cases where excessive remuneration was paid to the directors, until recently. The

recent cases of Tata Motors (where proposals of remuneration to Executive Directors was voted

against) and Apollo Hospitals (where more than 46% voting institutional shareholders voted against

the proposals for appointment and remuneration of the Executive Vice Chairperson and Managing

Directors) shows a changing trend where shareholders are actively analyzing and voting on

remuneration proposals.

America has

‘Say on Pay’

while

India has

‘Vote on Pay’



THE PROVISIONS

Proposals for director remuneration are always a sensitive matter which needs thorough

analysis. Hence, companies are expected to give greater details of the terms of

remuneration in the explanatory statement of their proposals. The new Companies Act,

2013 which became effective on April 1st, 2014 requires companies to make more mandatory

disclosures regarding their director and senior managerial remuneration. This requirement

will aids shareholders in detailed analysis of remuneration proposals and take informed

decisions. The Securities and Exchange Commission (SEC) of US also incorporated similar

provisions for US-incorporated companies in August 2015 after exhaustive discussions and

debate since 2010. The regulations of both countries are listed below:

India – The Companies Act, 2013

Section 197(12) of the act states:

“Every listed company shall disclose in the Board’s report, the ratio of the remuneration of

each director to the median employee’s remuneration and such other details as may be

prescribed.”

Further, Rule 5 of the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014 states:

“Every listed company shall disclose in the Board’s report-

i) the ratio of the remuneration of each director to the median remuneration of the

employees of the company for the financial year;

ii) the percentage increase in remuneration of each director, Chief Financial Officer,

Chief Executive Officer, Company Secretary or Manager, if any, in the financial year;

INDIA

Companies Act, 2013

Section 197(12)

Rule 5 of Companies

(Appointment and

Remuneration of

Managerial Personnel)

Rules, 2014

http://ca2013.com/197-overall-maximum-managerial-remuneration-and-managerial-remuneration-in-case-of-absence-or-inadequacy-of-profits/



INDIA

Companies Act, 2013

Section 197(12)

Rule 5 of Companies

(Appointment and

Remuneration of

Managerial Personnel)

Rules, 2014

iii) the percentage increase in the median remuneration of employees in the financial

year;

iv) the number of permanent employees on the rolls of company;

v) the explanation on the relationship between average increase in remuneration and

company performance;

vi) comparison of the remuneration of the Key Managerial Personnel against the

performance of the company;

vii) variations in the market capitalisation of the company, price earnings ratio as at the

closing date of the current financial year and previous financial year and percentage

increase over decrease in the market quotations of the shares of the company in

comparison to the rate at which the company came out with the last public offer in

case of listed companies, and in case of unlisted companies, the variations in the net

worth of the company as at the close of the current financial year and previous

financial year;

viii) average percentile increase already made in the salaries of employees other than the

managerial personnel in the last financial year and its comparison with the percentile

increase in the managerial remuneration and justification thereof and point out if

there are any exceptional circumstances for increase in the managerial remuneration;

ix) comparison of the each remuneration of the Key Managerial Personnel against the

performance of the company;

x) the key parameters for any variable component of remuneration availed by the

directors;

xi) the ratio of the remuneration of the highest paid director to that of the employees

who are not directors but receive remuneration in excess of the highest paid director

during the year; and

xii) affirmation that the remuneration is as per the remuneration policy of the company.”

Access the complete Section and the Rule in “The Companies Act Integrated Ready Reckoner - CAIRR”

http://ca2013.com/197-overall-maximum-managerial-remuneration-and-managerial-remuneration-in-case-of-absence-or-inadequacy-of-profits/



USA

The Dodd-Frank Act

Section 953(b)

US – The Dodd-Frank Act

Section 953 of the Act states:

“(i) Disclosure Of Pay Versus Performance - The Commission shall, by rule, require each issuer to

disclose in any proxy or consent solicitation material for an annual meeting of the shareholders of

the issuer a clear description of any compensation required to be disclosed by the issuer under

section 229.402 of title 17, Code of Federal Regulations (or any successor thereto), including

information that shows the relationship between executive compensation actually paid and the

financial performance of the issuer, taking into account any change in the value of the shares of stock

and dividends of the issuer and any distributions.

The disclosure under this subsection may include a graphic representation of the information

required to be disclosed.’’.

(b) Additional Disclosure Requirements -

(1) In General - The Commission shall amend section 229.402 of title 17, Code of Federal Regulations,

to require each issuer to disclose in any filing of the issuer described in section 229.10(a) of title 17,

Code of Federal Regulations (or any successor thereto)—

(A) the median of the annual total compensation of all employees of the issuer, except the chief

executive officer (or any equivalent position) of the issuer;

(B) the annual total compensation of the chief executive officer (or any equivalent position) of the

issuer; and

(C) the ratio of the amount described in subparagraph (A) to the amount described in subparagraph

(B)”



COMPARISON OF THE PROVISIONS

While the Dodd Frank Act requires comparison of CEO’s pay with that of the median remuneration of employees, the

Companies Act requires remuneration of all directors to be compared with the median remuneration of employees. As per the

Dodd Frank regulation, no comparison is provided for any executive or non-executive members of the Board, other than the

CEO.

Both Dodd-Frank and Companies Act requires disclosure and comparison of remuneration of all key managerial personnel, such

as CEO, CFO, Company Secretary, etc., with that of the financial performance of the company.

The Companies Act seeks an additional disclosure of percentage increase of all directors and key managerial personnel as

compared to percentage increase in the median remuneration of employees.

The Companies Act also requires companies to provide explanation on the relationship between average increase in

remuneration and company performance.

The Dodd Frank Act allows certain relaxations to companies in calculating median remuneration of employees. The relaxations

are in form of exemption of salaries of non-US employees in certain cases, determination of median employee once every three

years, instead of every year, etc.



A detailed comparison in tabular format is given below:

Indian Companies Act US Dodd-Frank Act

Section 197(12) and Rule 5 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014 contain these

provisions

Section 953(b) of the Dodd-Frank Act contains these provisions

Origin of this provision was in the Companies Bill, 2011 This provision was in debate and discussion since 2010

Ratio of pay of each of the directors, including the MD, to median

employee remuneration is to be disclosed

Ratio of pay of CEO to median employee remuneration is to be

disclosed

Comparison of increase in pay of all key managerial personnel with

that of performance of the company is to be disclosed

Comparison of increase in pay of all key managerial personnel with

that of performance of the company is, to be disclosed

Comparison of % increase in pay of directors and key management

and % increase in median employee remuneration This is not a requirement under Dodd-Frank Act

Disclosure of explanation on relationship between average increase in

remuneration and company performance This is not a requirement under Dodd-Frank Act

The Act requires pay of all non-director employees to be taken for

calculation of median employee remuneration

Detailed method of calculation of the median employee remuneration

is suggested. The Act requires companies to segregate employees in

domestic and foreign locations, etc. and calculate median accordingly



DISCLOSURES BY INDIAN COMPANIES – KEY TAKEAWAYS

On the Companies Act, 2013 coming to effect on April 1, 2014, the companies have started making required disclosures in their

annual reports for FY15. We have compiled details as required under the Rule 5, of Nifty-50 companies that have made these details

available for FY15, with data available as on November 1, 2015.

A few points to note

Government companies (PSUs) are exempted from making such disclosures in their annual reports, as per a notification issued

by the Ministry of Corporate Affairs in June 2015. In our opinion, such an exemption should not have been given to PSUs. In the

interest of good governance, and greater transparency, all companies should be treated equal and selective exemptions should

not be given. The Government of India should view its role as a dominant shareholder and as a regulator as distinct and should

not have differing regulations for entities where it is a dominant shareholder.

As a result, our study doesn’t include 10 PSUs in the Nifty-50 index, viz., Bank of Baroda, BHEL, Bharat Petroleum, Coal India,

GAIL, NTPC, ONGC, Punjab National Bank, Power Grid Corporation and State Bank of India.

Three companies of the Nifty index, viz., HCL Technologies, ACC and Ambuja Cements have not yet made their FY-2015 annual

reports available as they have different year-ending dates. Hence, our study doesn’t include these companies.

Three companies of the Nifty index, viz., Bosch, Bajaj Auto and Maruti Suzuki have not made any such disclosures in their

annual report. The annual reports of Bajaj Auto and Maruti Suzuki state that these details will be made available to any

shareholder upon request. Hence, our study doesn’t include these companies. In our opinion, this is not a good precedent by

these companies, and it is against the spirit of the regulations.

As a result, our study is based on disclosures by 34 companies of the Nifty-50 index and 95 directorships in total.

Many directors left/joined the Board during FY15, hence were on the Board for a part of the financial year. We have suffixed an

asterisk (*) along with their names. Certain data-points for these directors are either not available or not meaningful.

We have not included certain directors who were on the Board for a very less period of time.

The study also includes directors who were promoted from within the company during FY15. In such cases, the percentage

increase in their remunerations may not be meaningful in comparing with percentage increase in the median employee

remuneration.

The exhaustive list containing details of 95 directors from 34 companies is provided in tabular format in the annexure.



1. THE RATIO

The remuneration of 11 Directors was more than 400 times the median employee remuneration of their companies. This included

three Directors each of Lupin and Hero MotoCorp and one each of Hindalco, L&T, Cipla, ITC and TCS.

Company Director Category Designation Ratio of DR to MER

Lupin Desh Bandhu Gupta Promoter Chairman 1168

Lupin Vinita Gupta Promoter CEO 777

Hero MotoCorp Pawan Munjal Promoter MD 631

Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 625

Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 601

Hindalco D. Bhattacharya Non-Promoter MD 518

Lupin Kamal Sharma Non-Promoter VC 516

L&T A M Naik Non-Promoter Chairman 454

Cipla Subhanu Saxena Non-Promoter MD 453

ITC Y. C. Deveshwar Non-Promoter Chairman 439

TCS N. Chandrasekaran Non-Promoter MD 417

0

1

2

3

Promoters Non-Promoters



2. THE REMUNERATION

The highest remuneration to a director was to the Managing Director of Hero MotoCorp who was paid Rs. 43.91 Crore for FY15.

10 Directors were paid remuneration in excess of Rs. 19 Crores. This included the Non-executive Director of Ultratech Cement

who is also the Chairman of the Board of the company.

Company Director Category Designation Director Remuneration

(DR) (Rs. Cr.) % of PAT

Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%

Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%

Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%

Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%

L&T A M Naik Non-Promoter Chairman 27.32 0.54%

Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 0.21%

Lupin Vinita Gupta Promoter CEO 24.86 1.04%

Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%

TCS N. Chandrasekaran Non-Promoter MD 21.28 0.11%

Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%

7 out of these 10 (i.e., 70%) Directors are promoters of their respective companies. The three highest paid directors are directors of

Hero MotoCorp. Lupin also contributed two directors to the top-10 list.

Rs. 43.91 Crore

Highest Remuneration in FY15

Top 3 Highest Paid Directors,

all of Hero MotoCorp

70% of top-10 paid Directors are

Promoters

Average Director’s Remuneration: Rs.

9.00 Crore



3. THE AVERAGE

The average of ratio of Directors’ pay to median employee remuneration was 170.40 while the median was 97. Pay of 26 Directors

was higher than the average of 170.50. This included 13 promoters and 13 non-promoter directors.

Average of ratio of Director’s

Pay to MER was 170.40 and

Median was 97

Pay of 26 Directors was

higher than the average of

170.50

Average of MER was Rs. 5.87

Lakh and Median was

Rs. 5.29 Lakh

The average of median employee remuneration was Rs. 5.87 Lakh while the median was Rs. 5.29 Lakh.

4. THE PERCENTAGE

8 Directors were paid remuneration that was more than 1% of the standalone net profits of their companies. The top-10 Directors

in this list also included the Non-Executive Chairman of the Boards of Ultratech Cement and Grasim Industries. On the other

hand, remuneration of 16 Directors was less than 0.05% of the net profits of their companies.

Directors with highest ratio of Remuneration-to-Net Profits

Company Director Category Designation Remuneration

(Rs. Cr.) % of PAT

Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%

Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%

Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%

Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%

Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%

Grasim Industries K. K. Maheshwari Non-Promoter MD 8.05 1.52%

Cipla Subhanu Saxena Non-Promoter MD 13.31 1.13%




(Rs. Cr.) % of PAT

Lupin Vinita Gupta Promoter CEO 24.86 1.04%

Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%

Grasim Industries Kumar Mangalam Birla Promoter NED Chair 4.52 0.85%

Directors with lowest ratio of Remuneration-to-Net Profits


(Rs. Cr.) % of PAT

Reliance Industries Pawan Kumar Kapil Non-Promoter ED 2.42 0.01%

ICICI Bank Rajiv Sabharwal Non-Promoter ED 3.33 0.02%

HDFC Bank Kaizad Bharucha Non-Promoter ED 2.48 0.02%

Axis Bank V. Srinivasan Non-Promoter ED 2.46 0.03%

ITC P. V. Dhobale Non-Promoter ED 2.60 0.03%

ITC K. N. Grant Non-Promoter ED 2.60 0.03%

ITC N. Anand Non-Promoter ED 2.61 0.03%

Reliance Industries P. M. S. Prasad Non-Promoter ED 6.03 0.03%

ICICI Bank K. Ramkumar Non-Promoter ED 3.69 0.03%

ICICI Bank N. S. Kannan Non-Promoter ED 3.57 0.03%

Wipro S. C. Senapaty Non-Promoter ED 3.37 0.04%

ICICI Bank Chanda Kochhar Non-Promoter MD 5.11 0.04%

Infosys U. B. Pravin Rao Non-Promoter ED 6.08 0.05%

HDFC Bank Paresh Sukthankar Non-Promoter Deputy MD 5.22 0.05%

Reliance Industries Nikhil R. Meswani Promoter ED 12.03 0.05%

Reliance Industries Hital R. Meswani Promoter ED 12.03 0.05%



5. THE BREAK-UP

On an average, remuneration of an Executive Director of a Nifty Company constituted 62% as fixed pay and 38% as variable pay.

A higher variable component of remuneration indicates that the remuneration policy is aligned with performance of the

company.

Average Remuneration Break-up:

62% Fixed; 38% Variable

Pay of 13 Directors didn’t consist

of any Variable Pay

Directors whose pay didn’t have any variable component

Company Director Category Designation Fixed Pay (Rs. Cr.)

Variable Pay (Rs. Cr.)

Total Pay (Rs. Cr.)

Adani Ports & SEZ Malay Mahadevia Non-Promoter ED 10.39 - 10.39

IndusInd Bank Ramesh Sobti Non-Promoter MD 5.39 - 5.39

Zee Entertainment Punit Goenka Promoter MD 5.07 - 5.07

Infosys Vishal Sikka* Non-Promoter MD 4.56 - 4.56

Zee Entertainment Subodh Kumar Non-Promoter VC 3.57 - 3.57

Tata Motors R. Pisharody Non-Promoter ED 2.45 - 2.45

Tata Motors S. B. Borwankar Non-Promoter ED 2.03 - 2.03

Ultratech Cement Dilip Gaur* Non-Promoter Deputy MD 1.45 - 1.45

Lupin M. D. Gupta Promoter ED 0.50 - 0.50

Adani Ports & SEZ Sudipta Bhattacharya Non-Promoter ED 6.80 - 6.80

Vedanta Tom Albanese Non-Promoter MD 5.80 - 5.80

Yes Bank Rana Kapoor Promoter MD 4.70 - 4.70

Axis Bank Sanjeev K. Gupta* Non-Promoter ED 0.84 - 0.84



ANNEXURE

Directors’ Pay-ratio list in decreasing order of ratio of director remuneration to median employee remuneration

Name of the

Company

Name of the

Director Category Designation

Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Lupin Desh Bandhu

Gupta Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168

Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777

Hero MotoCorp Pawan Munjal Promoter MD 43.91 17.00% 1.84% 13.11% 7.07 10.31% 631

Hero MotoCorp Brijmohan Lall

Munjal Promoter Chairman 43.64 19.00% 1.83% 13.11% 7.07 10.31% 625

Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18.00% 1.75% 13.11% 7.07 10.31% 601

Hindalco D. Bhattacharya Non-

Promoter MD 21.59 2.52% 2.33% -35.00% 4.16 5.20% 518

Lupin Kamal Sharma Non-

Promoter VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516

L&T A M Naik Non-

Promoter Chairman 27.32 -3.84% 0.54% -8.00% 6.02 12.10% 454

Cipla Subhanu Saxena Non-

Promoter MD 13.31 -38.64% 1.13% -14.93% 2.94 3.41% 453

ITC Y. C. Deveshwar Non-

Promoter Chairman 15.28 24.00% 0.16% 9.37% 3.46 14.00% 439

TCS N. Chandrasekaran Non-

Promoter MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417

Ultratech Cement Kumar Mangalam

Birla Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384

Dr. Reddy's G. V. Prasad Promoter MD 12.93 18.00% 0.77% -13.00% 3.56 0.50% 363

Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 13.81% 0.21% 100.00% 8.40 -2.30% 324



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Hindalco Satish Pai Non-

Promoter ED 12.17 - 1.32% -35.00% 4.16 5.20% 292

Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272

Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16.00% 0.58% -13.00% 3.56 0.50% 271

Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256

L&T K Venkataramanan Non-

Promoter MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226

Grasim Industries K. K. Maheshwari Non-

Promoter MD 8.05 -3.60% 1.52% -41.00% 3.73 12.70% 216

L&T S N Subrahmanyan Non-

Promoter ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213

Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206

Adani Ports & SEZ Malay Mahadevia Non-

Promoter ED 10.39 2.85% 0.48% 8.29% 5.08 0.40% 204

Idea Cellular Kumar Mangalam

Birla Promoter NED Chair 13.35 56.30% 0.48% 66.30% 7.03 9.80% 190

Vedanta Tarun Jain Non-

Promoter ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174

L&T R Shankar Raman Non-

Promoter ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172

Wipro T. K. Kurien Non-

Promoter ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170

Cipla Rajesh Garg Non-

Promoter ED 4.98 -32.02% 0.42% -14.93% 2.94 3.41% 169

Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165

Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165

HDFC Bank Aditya Puri Non- MD 7.40 15.00% 0.07% 20.48% 4.60 8.26% 163



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Promoter

Mahindra &

Mahindra Pawan Goenka

Non-

Promoter ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157

L&T M V Kotwal Non-

Promoter ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154

Ultratech Cement O. P. Puranmalka Non-

Promoter MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150

Adani Ports & SEZ Sudipta

Bhattacharya

Non-

Promoter ED 6.80 - 0.31% 8.29% 5.08 0.40% 134

IndusInd Bank Ramesh Sobti Non-

Promoter MD 5.39 7.00% 0.25% 27.41% 4.11 7.60% 131

L&T Shailendra N Roy Non-

Promoter ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131

Cipla S. Radhakrishnan Non-

Promoter ED 3.69 0.48% 0.31% -14.93% 2.94 3.41% 125

Idea Cellular Himanshu Kapania Non-

Promoter MD 8.78 5.00% 0.31% 66.30% 7.03 9.80% 125

Infosys U. B. Pravin Rao Non-

Promoter ED 6.08 130.00% 0.05% 19.32% 4.89 -5.20% 124

Grasim Industries Kumar Mangalam


Infosys Vishal Sikka* Non-

Promoter MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117

Asian Paints K. B. S. Anand Non-

Promoter MD 6.10 17.00% 0.46% 14.00% 5.31 15.00% 115

HDFC Bank Paresh Sukthankar Non-

Promoter Deputy MD 5.22 25.00% 0.05% 20.48% 4.60 8.26% 113

Vedanta Tom Albanese Non- MD 5.80 - 0.30% 79.09% 5.20 11.20% 111



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Promoter

Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108

Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99

ICICI Bank Chanda Kochhar Non-

Promoter MD 5.11 14.00% 0.04% 13.90% 5.40 5.00% 97

Hindustan Unilever Sanjiv Mehta Non-

Promoter MD 14.17 -2.90% 0.33% 11.58% 15.20 4.55% 93

Mahindra &

Mahindra Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91

Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89

Axis Bank Somnath Sengupta* Non-

Promoter ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85

Hindalco Kumar Mangalam


HDFC Keki M. Mistry Non-

Promoter MD 8.12 15.00% 0.15% 12.00% 9.70 16.00% 83

Reliance Industries P. M. S. Prasad Non-

Promoter ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83

Sun Pharmaceutical

Industries Sudhir V. Valia

Non-

Promoter ED 3.03 33.12% Loss Loss 3.70 14.61% 82

Sun Pharmaceutical

Industries Dilip Shanghvi Promoter MD 2.98 16.98% Loss Loss 3.70 14.61% 81

Vedanta D. D. Jalan Non-

Promoter ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80

HDFC Renu Sud Karnad Non-

Promoter MD 7.39 15.00% 0.14% 12.00% 9.70 16.00% 77

Cairn India Mayank Ashar* Non-

Promoter MD 6.06 - 0.46% -82.29% 7.97 18.70% 76



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Grasim Industries Adesh Kumar

Gupta

Non-

Promoter ED 2.85 -12.90% 0.54% -41.00% 3.73 12.70% 76

ITC N. Anand Non-

Promoter ED 2.61 16.00% 0.03% 9.37% 3.46 14.00% 76

ITC P. V. Dhobale Non-

Promoter ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75

ITC K. N. Grant Non-

Promoter ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75

Axis Bank Shikha Sharma Non-

Promoter MD 4.18 15.00% 0.06% 18.00% 5.30 6.16% 74

Tata Steel T. V. Narendran Non-

Promoter MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67

ICICI Bank N. S. Kannan Non-

Promoter ED 3.57 14.00% 0.03% 13.90% 5.40 5.00% 65

ICICI Bank K. Ramkumar Non-

Promoter ED 3.69 14.00% 0.03% 13.90% 5.40 5.00% 65

Tata Power Anil Sardana Non-

Promoter MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65

Bharti Airtel Gopal Vittal Non-

Promoter MD 7.79 25.65% 0.06% 100.00% 8.40 -2.30% 64

Tech Mahindra Vineet Nayyar Non-

Promoter VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63

Wipro S. C. Senapaty Non-

Promoter ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63

ICICI Bank Rajiv Sabharwal Non-

Promoter ED 3.33 14.00% 0.02% 13.90% 5.40 5.00% 62

Hindustan Unilever P. B. Balaji* Non-

Promoter ED 6.31 -1.40% 0.15% 11.58% 15.20 4.55% 59



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55

HDFC Bank Kaizad Bharucha Non-

Promoter ED 2.48 13.40% 0.02% 20.48% 4.60 8.26% 53

Tata Motors R. Pisharody Non-

Promoter ED 2.45 -27.92% Loss Loss 5.29 8.00% 51

HDFC V. Srinivasa

Rangan

Non-

Promoter ED 4.85 16.00% 0.09% 12.00% 9.70 16.00% 49

Zee Entertainment Subodh Kumar Non-

Promoter VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49

Tata Steel Koushik Chatterjee Non-

Promoter ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48

Axis Bank V. Srinivasan Non-

Promoter ED 2.46 14.00% 0.03% 18.00% 5.30 6.16% 47

Kotak Mahindra

Bank Uday Kotak Promoter MD 2.26 2.10% 0.12% 24.23% 5.20 11.05% 43

Kotak Mahindra

Bank Dipak Gupta

Non-

Promoter ED 7.62 2.28% 0.41% 24.23% 5.20 11.05% 43

Kotak Mahindra

Bank C. Jayaram

Non-

Promoter ED 7.72 2.04% 0.41% 24.23% 5.20 11.05% 43

Tech Mahindra C. P. Gurnani Non-

Promoter MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43

Reliance Industries Pawan Kumar

Kapil

Non-

Promoter ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33

Hindustan Unilever Pradeep Banerjee Non-

Promoter ED 5.06 5.40% 0.12% 11.58% 15.20 4.55% 32

Tata Motors S. B. Borwankar Non-

Promoter ED 2.03 -41.31% Loss Loss 5.29 8.00% 31

Axis Bank Sanjeev K. Gupta* Non- ED 0.84 25.00% 0.01% 18.00% 5.30 6.16% 30



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Promoter

Ultratech Cement Dilip Gaur* Non-

Promoter Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27

Tata Power Ashok S. Sethi* Non-

Promoter ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26

Sun Pharmaceutical

Industries Sailesh T Desai

Non-

Promoter ED 0.93 10.08% Loss Loss 3.70 14.61% 25

Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16

Tata Power S. Padmanabhan* Non-

Promoter ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13

Hindustan Unilever Sridhar

Ramamurthy*

Non-

Promoter ED 7.48 - 0.17% 11.58% 15.20 4.55% -

* The Director was on the Board for part of FY-2015

Company-wise Director’s Pay-Ratio List

Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55

Adani Ports & SEZ Malay Mahadevia Non-Promoter

ED 10.39 3% 0.48% 8.29% 5.08 0.40% 204

Adani Ports & SEZ Sudipta Bhattacharya

Non-Promoter

ED 6.80 - 0.31% 8.29% 5.08 0.40% 134

Asian Paints K. B. S. Anand Non-Promoter

MD 6.10 17% 0.46% 14.00% 5.31 15.00% 115



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Axis Bank Shikha Sharma Non-Promoter

MD 4.18 15% 0.06% 18.00% 5.30 6.16% 74

Axis Bank V. Srinivasan Non-Promoter

ED 2.46 14% 0.03% 18.00% 5.30 6.16% 47

Axis Bank Somnath Sengupta* Non-Promoter

ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85

Axis Bank Sanjeev K. Gupta* Non-Promoter

ED 0.84 25% 0.01% 18.00% 5.30 6.16% 30

Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 14% 0.21% 100.00% 8.40 -2.30% 324

Bharti Airtel Gopal Vittal Non-Promoter

MD 7.79 26% 0.06% 100.00% 8.40 -2.30% 64

Cairn India Mayank Ashar* Non-Promoter

MD 6.06 - 0.46% -82.29% 7.97 18.70% 76

Cipla Subhanu Saxena Non-Promoter

MD 13.31 -39% 1.13% -14.93% 2.94 3.41% 453

Cipla S. Radhakrishnan Non-Promoter

ED 3.69 0% 0.31% -14.93% 2.94 3.41% 125

Cipla Rajesh Garg Non-Promoter

ED 4.98 -32% 0.42% -14.93% 2.94 3.41% 169

Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16% 0.58% -13.00% 3.56 0.50% 271

Dr. Reddy's G. V. Prasad Promoter MD 12.93 18% 0.77% -13.00% 3.56 0.50% 363

Grasim Industries K. K. Maheshwari Non-Promoter

MD 8.05 -4% 1.52% -41.00% 3.73 12.70% 216

Grasim Industries Adesh Kumar Gupta

Non-Promoter

ED 2.85 -13% 0.54% -41.00% 3.73 12.70% 76

Grasim Industries Kumar Mangalam Birla

Promoter NED Chair 4.52 -43% 0.85% -41.00% 3.73 12.70% 120.64

HDFC Keki M. Mistry Non-Promoter

MD 8.12 15% 0.15% 12.00% 9.70 16.00% 83

HDFC Renu Sud Karnad Non-Promoter

MD 7.39 15% 0.14% 12.00% 9.70 16.00% 77



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

HDFC V. Srinivasa Rangan

Non-Promoter

ED 4.85 16% 0.09% 12.00% 9.70 16.00% 49

HDFC Bank Aditya Puri Non-Promoter

MD 7.40 15% 0.07% 20.48% 4.60 8.26% 163

HDFC Bank Paresh Sukthankar Non-Promoter

Deputy MD 5.22 25% 0.05% 20.48% 4.60 8.26% 113

HDFC Bank Kaizad Bharucha Non-Promoter

ED 2.48 13% 0.02% 20.48% 4.60 8.26% 53

Hero MotoCorp Brijmohan Lall Munjal

Promoter Chairman 43.64 19% 1.83% 13.11% 7.07 10.31% 625

Hero MotoCorp Pawan Munjal Promoter MD 43.91 17% 1.84% 13.11% 7.07 10.31% 631

Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18% 1.75% 13.11% 7.07 10.31% 601

Hindalco D. Bhattacharya Non-Promoter

MD 21.59 3% 2.33% -35.00% 4.16 5.20% 518

Hindalco Satish Pai Non-Promoter

ED 12.17 - 1.32% -35.00% 4.16 5.20% 292

Hindalco Kumar Mangalam Birla

Promoter NED Chair 3.50 -48% 0.38% -35.00% 4.16 5.20% 84

Hindustan Unilever Sanjiv Mehta Non-Promoter

MD 14.17 -3% 0.33% 11.58% 15.20 4.55% 93

Hindustan Unilever Sridhar Ramamurthy*

Non-Promoter

ED 7.48 - 0.17% 11.58% 15.20 4.55% -

Hindustan Unilever P. B. Balaji* Non-Promoter

ED 6.31 -1% 0.15% 11.58% 15.20 4.55% 59

Hindustan Unilever Pradeep Banerjee Non-Promoter

ED 5.06 5% 0.12% 11.58% 15.20 4.55% 32

ICICI Bank Chanda Kochhar Non-Promoter

MD 5.11 14% 0.04% 13.90% 5.40 5.00% 97

ICICI Bank N. S. Kannan Non-Promoter

ED 3.57 14% 0.03% 13.90% 5.40 5.00% 65

ICICI Bank K. Ramkumar Non-Promoter

ED 3.69 14% 0.03% 13.90% 5.40 5.00% 65



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

ICICI Bank Rajiv Sabharwal Non-Promoter

ED 3.33 14% 0.02% 13.90% 5.40 5.00% 62

Idea Cellular Himanshu Kapania Non-Promoter

MD 8.78 5% 0.31% 66.30% 7.03 9.80% 125

Idea Cellular Kumar Mangalam Birla

Promoter NED Chair 13.35 56% 0.48% 66.30% 7.03 9.80% 190

IndusInd Bank Ramesh Sobti Non-Promoter

MD 5.39 7% 0.25% 27.41% 4.11 7.60% 131

Infosys Vishal Sikka* Non-Promoter

MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117

Infosys U. B. Pravin Rao Non-Promoter

ED 6.08 130% 0.05% 19.32% 4.89 -5.20% 124

ITC Y. C. Deveshwar Non-Promoter

Chairman 15.28 24% 0.16% 9.37% 3.46 14.00% 439

ITC N. Anand Non-Promoter

ED 2.61 16% 0.03% 9.37% 3.46 14.00% 76

ITC P. V. Dhobale Non-Promoter

ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75

ITC K. N. Grant Non-Promoter

ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75

Kotak Mahindra Bank

Uday Kotak Promoter MD 2.26 2% 0.12% 24.23% 5.20 11.05% 43

Kotak Mahindra Bank

Dipak Gupta Non-Promoter

ED 7.62 2% 0.41% 24.23% 5.20 11.05% 43

Kotak Mahindra Bank

C. Jayaram Non-Promoter

ED 7.72 2% 0.41% 24.23% 5.20 11.05% 43

L&T A M Naik Non-Promoter

Chairman 27.32 -4% 0.54% -8.00% 6.02 12.10% 454

L&T K Venkataramanan Non-Promoter

MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226

L&T M V Kotwal Non-Promoter

ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

L&T S N Subrahmanyan Non-Promoter

ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213

L&T R Shankar Raman Non-Promoter

ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172

L&T Shailendra N Roy Non-Promoter

ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131

Lupin Desh Bandhu Gupta

Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168

Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777

Lupin Kamal Sharma Non-Promoter

VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516

Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256

Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16

Mahindra & Mahindra

Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91

Mahindra & Mahindra

Pawan Goenka Non-Promoter

ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157

Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206

Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165

Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165

Reliance Industries P. M. S. Prasad Non-Promoter

ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83

Reliance Industries Pawan Kumar Kapil

Non-Promoter

ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33

Sun Pharmaceutical Industries

Dilip Shanghvi Promoter MD 2.98 16.98% - - 3.70 14.61% 81


Sudhir V. Valia Non-Promoter

ED 3.03 33.12% - - 3.70 14.61% 82


Sailesh T Desai Non-Promoter

ED 0.93 10.08% - - 3.70 14.61% 25



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Tata Motors R. Pisharody Non-Promoter

ED 2.45 -27.92% - Loss 5.29 8.00% 51

Tata Motors S. B. Borwankar Non-Promoter

ED 2.03 -41.31% - Loss 5.29 8.00% 31

Tata Power Anil Sardana Non-Promoter

MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65

Tata Power Ashok S. Sethi* Non-Promoter

ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26

Tata Power S. Padmanabhan* Non-Promoter

ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13

Tata Steel T. V. Narendran Non-Promoter

MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67

Tata Steel Koushik Chatterjee Non-Promoter

ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48

TCS N. Chandrasekaran Non-Promoter

MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417

Tech Mahindra C. P. Gurnani Non-Promoter

MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43

Tech Mahindra Vineet Nayyar Non-Promoter

VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63

Ultratech Cement O. P. Puranmalka Non-Promoter

MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150

Ultratech Cement Dilip Gaur* Non-Promoter

Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27

Ultratech Cement Kumar Mangalam Birla

Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384

Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272

Vedanta Tom Albanese Non-Promoter

MD 5.80 - 0.30% 79.09% 5.20 11.20% 111

Vedanta Tarun Jain Non-Promoter

ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174

Vedanta D. D. Jalan Non- ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80



Name of the

Company

Name of the


Director

Remuneration

(DR) (Rs. Cr.)

% increase

in

Remunerat

ion

% of

PAT

%

increase

in PAT

Median

Employee

Remunera

tion

(MER)

(Rs. Lac)

%

increase

in MER

Ratio

of DR

to

MER

Promoter

Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89

Wipro T. K. Kurien Non-Promoter

ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170

Wipro S. C. Senapaty Non-Promoter

ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63

Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108

Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99

Zee Entertainment Subodh Kumar Non-Promoter

VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49


Remuneration Break-up and Information on Stock Options


% Variable Pay

(Rs. Cr.) %

Total Pay (Rs. Cr.)

Stock Options (Rs. Cr.)

Adani Ports & SEZ Gautam Adani Promoter MD 1.80 64% 1.00 36% 2.80 -

Adani Ports & SEZ Malay Mahadevia Non-

Promoter ED 10.39 100% - 0% 10.39 -

Adani Ports & SEZ Sudipta Bhattacharya

Non-Promoter

ED 6.80 100% - 0% 6.80 -

Asian Paints K. B. S. Anand Non-

Promoter MD 3.70 61% 2.40 39% 6.10 -

Axis Bank Shikha Sharma Non-

Promoter MD 3.50 84% 0.68 16% 4.18 0.41

Axis Bank V. Srinivasan Non-

Promoter ED 2.03 83% 0.43 17% 2.46 0.05

Axis Bank Somnath Sengupta* Non- ED 3.86 86% 0.65 14% 4.51 0.17




% Variable Pay

(Rs. Cr.) %

Total Pay (Rs. Cr.)


Promoter

Axis Bank Sanjeev K. Gupta* Non-

Promoter ED 0.84 100% - 0% 0.84 0.08

Bharti Airtel Sunil Bharti Mittal Promoter Chairman 18.93 70% 8.25 30% 27.18 -

Bharti Airtel Gopal Vittal Non-

Promoter MD 6.14 79% 1.65 21% 7.79 2.44

Cairn India Mayank Ashar* Non-

Promoter MD 5.14 85% 0.92 15% 6.06 -

Cipla Subhanu Saxena Non-

Promoter MD 9.96 75% 3.35 25% 13.31 -

Cipla S. Radhakrishnan Non-

Promoter ED 2.27 62% 1.42 38% 3.69 -

Cipla Rajesh Garg Non-

Promoter ED 4.45 89% 0.53 11% 4.98 -

Dr. Reddy's Satish Reddy Promoter Chairman 1.16 12% 8.50 88% 9.66 -

Dr. Reddy's G. V. Prasad Promoter MD 0.93 7% 12.00 93% 12.93 -

Grasim Industries K. K. Maheshwari Non-

Promoter MD 5.80 72% 2.25 28% 8.05 -

Grasim Industries Adesh Kumar Gupta

Non-Promoter

ED 2.35 82% 0.50 18% 2.85 -

Grasim Industries Kumar Mangalam Birla

Promoter NED Chair 0.02 0% 4.50 100% 4.52 -

HDFC Keki M. Mistry Non-

Promoter MD 3.67 45% 4.45 55% 8.12 Yes(*)

HDFC Renu Sud Karnad Non-

Promoter MD 3.33 45% 4.06 55% 7.39 Yes(*)

HDFC V. Srinivasa Rangan

Non-Promoter

ED 2.26 47% 2.59 53% 4.85 Yes(*)

HDFC Bank Aditya Puri Non-

Promoter MD 5.30 72% 2.10 28% 7.40 25.41

HDFC Bank Paresh Sukthankar Non-

Promoter Deputy MD 3.23 62% 1.99 38% 5.22 13.70

HDFC Bank Kaizad Bharucha Non-

Promoter ED 1.83 74% 0.65 26% 2.48 10.96




% Variable Pay

(Rs. Cr.) %

Total Pay (Rs. Cr.)


Hero MotoCorp Brijmohan Lall Munjal

Promoter Chairman 9.03 21% 34.61 79% 43.64 -

Hero MotoCorp Pawan Munjal Promoter MD 9.30 21% 34.61 79% 43.91 -

Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 7.26 17% 34.61 83% 41.87 -

Hindalco D. Bhattacharya Non-

Promoter MD 15.24 71% 6.35 29% 21.59 0.32

Hindalco Satish Pai Non-

Promoter ED 9.17 75% 3.00 25% 12.17 -

Hindalco Kumar Mangalam Birla

Promoter NED Chair 0.10 3% 3.50 97% 3.59 -

Hindustan Unilever Sanjiv Mehta Non-

Promoter MD 11.25 79% 2.92 21% 14.17 3.61

Hindustan Unilever Sridhar Ramamurthy*

Non-Promoter

ED 6.48 87% 1.00 13% 7.48 3.69

Hindustan Unilever P. B. Balaji* Non-

Promoter ED 5.80 92% 0.51 8% 6.31 1.77

Hindustan Unilever Pradeep Banerjee Non-

Promoter ED 4.19 83% 0.87 17% 5.06 1.81

ICICI Bank Chanda Kochhar Non-

Promoter MD 3.77 74% 1.34 26% 5.11 3.15

ICICI Bank N. S. Kannan Non-

Promoter ED 2.67 75% 0.90 25% 3.57 7.87

ICICI Bank K. Ramkumar Non-

Promoter ED 2.79 76% 0.90 24% 3.69 30.80

ICICI Bank Rajiv Sabharwal Non-

Promoter ED 2.49 75% 0.84 25% 3.33 6.22

Idea Cellular Himanshu Kapania Non-

Promoter MD 4.77 54% 4.01 46% 8.78 -

Idea Cellular Kumar Mangalam Birla

Promoter NED Chair - 0% 13.34 100% 13.35 -

IndusInd Bank Ramesh Sobti Non-

Promoter MD 5.39 100% - 0% 5.39 -

Infosys Vishal Sikka* Non-

Promoter MD 4.56 100% - 0% 4.56 Yes(*)

Infosys U. B. Pravin Rao Non-

Promoter ED 2.29 38% 3.79 62% 6.08 -




% Variable Pay

(Rs. Cr.) %

Total Pay (Rs. Cr.)


ITC Y. C. Deveshwar Non-

Promoter Chairman 6.64 43% 8.64 57% 15.28 Yes(*)

ITC N. Anand Non-

Promoter ED 1.31 50% 1.30 50% 2.61 Yes(*)

ITC P. V. Dhobale Non-

Promoter ED 1.30 50% 1.30 50% 2.60 Yes(*)

ITC K. N. Grant Non-

Promoter ED 1.30 50% 1.30 50% 2.60 Yes(*)

Kotak Mahindra Bank

Uday Kotak Promoter MD 1.76 78% 0.50 22% 2.26 -

Kotak Mahindra Bank

Dipak Gupta Non-

Promoter ED 7.12 93% 0.50 7% 7.62 Yes(*)

Kotak Mahindra Bank

C. Jayaram Non-

Promoter ED 7.22 94% 0.50 6% 7.72 Yes(*)

L&T A M Naik Non-


L&T K Venkataramanan Non-

Promoter MD 6.19 46% 7.39 54% 13.58 -

L&T M V Kotwal Non-

Promoter ED 4.34 47% 4.91 53% 9.25 -

L&T S N Subrahmanyan Non-

Promoter ED 4.10 32% 8.73 68% 12.83 -

L&T R Shankar Raman Non-

Promoter ED 3.46 33% 6.91 67% 10.37 -

L&T Shailendra N Roy Non-

Promoter ED 3.42 43% 4.48 57% 7.90 -

Lupin Desh Bandhu Gupta


Lupin Vinita Gupta Promoter CEO INA - INA - 24.86 -

Lupin Kamal Sharma Non-

Promoter VC 11.41 69% 5.20 31% 16.61 2.45

Lupin Nilesh Gupta Promoter MD 5.16 63% 3.07 37% 8.23 -

Lupin M. D. Gupta Promoter ED 0.50 100% - 0% 0.50 -

Mahindra & Mahindra

Anand Mahindra Promoter MD 3.18 53% 2.80 47% 5.98 -




% Variable Pay

(Rs. Cr.) %

Total Pay (Rs. Cr.)


Mahindra & Mahindra

Pawan Goenka Non-

Promoter ED 7.92 76% 2.46 24% 10.38 4.40

Reliance Industries Mukesh Ambani Promoter MD 5.59 37% 9.41 63% 15.00 -

Reliance Industries Nikhil R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -

Reliance Industries Hital R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -

Reliance Industries P. M. S. Prasad Non-

Promoter ED 2.36 39% 3.67 61% 6.03 -

Reliance Industries Pawan Kumar Kapil

Non-Promoter

ED 1.35 56% 1.07 44% 2.42 0.46


Dilip Shanghvi Promoter MD 2.54 85% 0.44 15% 2.98 -


Sudhir V. Valia Non-

Promoter ED 2.59 85% 0.44 15% 3.03 -


Sailesh T Desai Non-

Promoter ED 0.77 83% 0.16 17% 0.93 -

Tata Motors R. Pisharody Non-

Promoter ED 2.45 100% - 0% 2.45 -

Tata Motors S. B. Borwankar Non-

Promoter ED 2.03 100% - 0% 2.03 -

Tata Power Anil Sardana Non-

Promoter MD 2.11 38% 3.42 62% 5.53 -

Tata Power Ashok S. Sethi* Non-

Promoter ED 1.18 53% 1.04 47% 2.22 -

Tata Power S. Padmanabhan* Non-

Promoter ED 0.63 57% 0.47 43% 1.10 -

Tata Steel T. V. Narendran Non-

Promoter MD 2.07 32% 4.40 68% 6.47 -

Tata Steel Koushik Chatterjee Non-

Promoter ED 1.55 28% 4.07 72% 5.62 -

TCS N. Chandrasekaran Non-

Promoter MD 5.28 25% 16.00 75% 21.28 -

Tech Mahindra C. P. Gurnani Non-

Promoter MD 1.71 70% 0.72 30% 2.43 163.14

Tech Mahindra Vineet Nayyar Non-

Promoter VC 2.52 70% 1.08 30% 3.60 116.31




% Variable Pay

(Rs. Cr.) %

Total Pay (Rs. Cr.)


Ultratech Cement O. P. Puranmalka Non-

Promoter MD 6.44 78% 1.84 22% 8.28 1.10

Ultratech Cement Dilip Gaur* Non-

Promoter Deputy MD 1.45 100% - 0% 1.45 0.18

Ultratech Cement Kumar Mangalam Birla

Promoter NED Chair - 0% 19.04 100% 19.04 -

Vedanta Naveen Agarwal Promoter Chairman 10.37 73% 3.75 27% 14.12 0.96

Vedanta Tom Albanese Non-

Promoter MD 5.80 100% - 0% 5.80 -

Vedanta Tarun Jain Non-

Promoter ED 7.28 81% 1.75 19% 9.03 1.96

Vedanta D. D. Jalan Non-

Promoter ED 3.28 79% 0.85 21% 4.13 1.07

Wipro Azim H. Premji Promoter MD 1.58 33% 3.20 67% 4.78 -

Wipro T. K. Kurien Non-

Promoter ED 7.13 78% 1.98 22% 9.11 Yes(*)

Wipro S. C. Senapaty Non-

Promoter ED 2.10 62% 1.27 38% 3.37 -

Yes Bank Rana Kapoor Promoter MD 4.70 100% - 0% 4.70 -

Zee Entertainment Punit Goenka Promoter MD 5.07 100% - 0% 5.07 -

Zee Entertainment Subodh Kumar Non-

Promoter VC 3.57 100% - 0% 3.57 -


Yes(*): Monetary value of Stock Options is not provided



INGOVERN RESEARCH SERVICES

InGovern is India’s first independent corporate governance research and advisory firm which assists shareholders and lenders that

have financial or reputation exposure to companies. InGovern also assists companies in enhancing their corporate governance

practices.

OUR SERVICES

Corporate Governance Research

Bespoke governance research and analysis of companies Perform annual governance evaluations of covered

companies using ‘Governance Radar’ proprietary framework

Periodic Publication of special reports on corporate governance practices in India

Corporate Governance Advisory

Advisory to companies on enhancing their CG edifice by analyzing their existing corporate governance practices

Benchmarking company practices with best practices Peer comparison of governance practices Diagnostic and Action Plan of governance practices Customized education and sensitization of Board and

senior management on governance matters

Proxy Advisory

Voting Recommendations: Helping clients take informed voting decisions for shareholder meetings – AGMs, EGMs, Postal Ballots and CCMs

Publication of ‘Corporate Governance Alert’ on interesting company proposals

Publication of Annual Proxy Season Report

Value Enhancement & Investor Engagement

Advising clients (investors and companies) on solutions for value enhancement

Helping companies to connect with investors on voting decisions for shareholder meetings

Communicating governance practices through market leading Investor Relations initiatives and white papers

Advising companies on strategies, solutions and tools to enhance investor perception and enhance value for all stakeholders



Disclaimer

This report is proprietary and may not be reproduced in any manner without the written permission of InGovern Research Services Pvt. Ltd.

(“InGovern”). While we have taken due care and caution in the compilation and presentation of the information and data in this report, no

warranty is made as to the completeness, accuracy or utility of this analysis.

Shriram Subramanian

Founder & Managing Director

[email protected]

080-42279150

Soumya Dash

Associate

[email protected]

080-42279150

©InGovern Research Services Private Limited

Bangalore, India

www.ingovern.com

http://www.ingovern.com/



http://www.cimplyfive.com



http://www.ca2013.com

pay ratio disclosure

Documents