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Hotels to cigarette conglomerate ITC pipped FMCG giant Hindustan Unilever (HUL) in the number of workers drawing Rs 1 crore-plus salaries yearly in FY21, according to a report in The Economic Times.
With 39 new managers entering the elite club in the last fiscal year, around 153 executives were earning Rs 1 crore-plus salaries at ITC. HUL, on the other hand witnessed a marginal fall to 123 from 129 in FY20, the report added. The numbers of crorepati executives in ITC have increased due to lateral hiring and rise in compensation to key administration personnel.
Discontinuation of inventory choice scheme
ITC reworked the wage structure in 2019 after shareholder British American Tobacco (BAT) voted in opposition to ITC’s worker inventory choice scheme in 2018.
After the discontinuation of the worker inventory choice scheme, ITC has been restructuring compensation by transitioning worth from equity-based, long-term incentives to salaries, together with annual variable pay, which is linked to enterprise efficiency.
Key personnel’s salaries enhanced
The compensation of ITC’s key administration personnel has increased by 51% in FY21. The key personnel includes chairman and managing director Sanjiv Puri, govt administrators Nakul Anand, B Sumant and Rajiv Tandon, chief monetary officer Supratim Dutta, and firm secretary RK Singhi.
Puri’s compensation went up by 47% to Rs 11.95 crore in FY21.
On the contrary, the remuneration of HUL chairman Sanjiv Mehta fell 21% to Rs 15.36 crore in the final fiscal. HUL has worker inventory choice plans for managers. The company is witnessing a decline in executives drawing eight-figure remuneration from 169 in FY15.