Mukesh Ambani, the prominent figure at the helm of Reliance Industries Limited, has decided to abstain from receiving a salary for the fourth year in a row. His continuous choice to forego compensation stems from the impact of the global Covid-19 pandemic on his company and its various ventures, with the aim of aiding in their full recovery financially. The latest annual report revealed that in the year 2023-24, Ambani did not receive any salary, allowances, perquisites, or retiral benefits.
Interestingly, Ambani's commitment to moderation in executive compensation levels is evidenced by his capped salary of Rs 15 crore since the fiscal year 2008-09. This steadfast approach was maintained until the financial year 2019-20, reinforcing his dedication to setting an example of restrained managerial remuneration over an 11-year period. Additionally, Ambani's wife, Nita Ambani, who served as a non-executive director until August 2023, received a sitting fee and commission as per the report for the year 2023-24.
Moreover, the involvement of Mukesh Ambani's children, Akash, Isha, and Anant Ambani, in the company's board activities has not gone unnoticed. Despite being appointed without a salary, they were compensated with a sitting fee and commission for their role in the board. The annual report also shed light on the remuneration of Ambani's cousins, Nikhil and Hital Meswani, whose earnings rose marginally in the year 2023-24. Their remuneration included a substantial commission, illustrating the intricate details of the company's compensation structure disclosed in the report.