ITC CMD Sanjiv Puri drew ₹16.31 crore salary in FY23 - that's a 53% jump from last year
Jul 11, 2023, 17:23 IST
The total remuneration of ITC Chairman and Managing Director Sanjiv Puri was increased 53.08% to ₹16.31 crore for financial year 2022-23. Puri drew a basic salary of ₹2.88 crore, perquisites and other benefits of ₹57 lakh and a performance bonus/long-term incentives/commission of ₹12.86 crore from ITC for 2022-23.
A year ago, Puri's total remuneration was ₹10.66 crore, which included a basic salary of ₹2.64 crore, perquisites and other benefits of ₹49.63 lakh.
However, his performance bonus/commission was ₹7.52 crore only in FY22.
During the annual general meeting scheduled for August 11, ITC has proposed a resolution for re-appointment of Puri as a director and also as managing director & chairman for five years or till such earlier date to conform with the policy on retirement from July 22, 2024.
Puri was appointed as Managing Director of ITC on July 22, 2019, and his present term will end on July 21, 2024.
After Puri, Nakul Anand is the second highest-paid employee of ITC with a total remuneration of ₹8.18 crore for FY23. He is followed by B Sumant with ₹ 7.58 crore.
Anand oversees the hospitality and travel & tourism businesses of ITC, while Sumant oversees the paperboards, paper and packaging as well as the personal care and education & stationery products businesses of the company.
According to ITC, "Remuneration of KMPs (Key Managerial Personnel) increased by 28% due to impact of revision in remuneration and payment of long-term incentives during the year."
Moreover, the number of persons drawing a salary of more than ₹1 crore per annum was over 245 in FY23. In FY22, the number of such employees was around 220.
Compared with financial year 2021-22, the median remuneration of employees has decreased 3%, while the average remuneration of employees has increased by 6%.
As on March 31, 2023, the total number of permanent employees in ITC was 23,725.
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A year ago, Puri's total remuneration was ₹10.66 crore, which included a basic salary of ₹2.64 crore, perquisites and other benefits of ₹49.63 lakh.
However, his performance bonus/commission was ₹7.52 crore only in FY22.
During the annual general meeting scheduled for August 11, ITC has proposed a resolution for re-appointment of Puri as a director and also as managing director & chairman for five years or till such earlier date to conform with the policy on retirement from July 22, 2024.
Puri was appointed as Managing Director of ITC on July 22, 2019, and his present term will end on July 21, 2024.
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Anand oversees the hospitality and travel & tourism businesses of ITC, while Sumant oversees the paperboards, paper and packaging as well as the personal care and education & stationery products businesses of the company.
According to ITC, "Remuneration of KMPs (Key Managerial Personnel) increased by 28% due to impact of revision in remuneration and payment of long-term incentives during the year."
Moreover, the number of persons drawing a salary of more than ₹1 crore per annum was over 245 in FY23. In FY22, the number of such employees was around 220.
Compared with financial year 2021-22, the median remuneration of employees has decreased 3%, while the average remuneration of employees has increased by 6%.
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Puri's ratio of remuneration to the median remuneration of all employees is 326:1. As on March 31, 2023, the total number of permanent employees in ITC was 23,725.