Companies growing fast but CEOs salaries still stagnant
The compensation paid to the CEOs was still the same even if the net profit of these 25 companies grew by 20 percent. Apart from this, seven companies which includes Castrol India, HDFC, IDFC, Ranbaxy experienced a decline in their CEO pay for 2009-10 over the previous year. Companies like Nestle India, Ambuja Cements, YES Bank and Reliance Industries kept their CEO compensation the same or made a trifle increase.
Inorder to set a personal example for moderation in managerial compensation levels, Mukesh Amabani, Chairman and Managing Director, Reliance Industries took a reduced pay between 2007-08 and 2008-09 and the 66 percent pay cut continued even in 2009-10.
Aditya Puri, Managing Director of HDFC Bank got a pay hike of 13.4 percent and 26 percent for the financial year 2008-09 and 2009-10 respectively and the company had realized a growth of 41 percent and 33 percent in the respective fiscal years.
The highest paid Managing Director on the list for 2009-10 was Sajjan Jindal, who raked in over 14 crore, thanks to a great year of volume and realisation-driven profit growth for JSW Steel.
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