India’s top business leader Ratan Tata has got over Rs 1 crore as compensation for serving as an independent director on the board of NYSE-listed Alcoa Inc during 2012. Tata,who retired as head of salt-to-software Indian conglomerate Tata Group last December,has been on the board of the USD 26-billion firm aluminum producer since 2007.
At Tata group,he now serves as Chairman Emeritus after being succeeded by Cyrus Mistry as Chairman of the group’s holding company Tata Sons Ltd.
As per an annual regulatory filing by Alcoa for the year 2012,the 75-year old Tata was paid director fees of USD 2,10,000 (approx Rs 1.1 crore) for 2012. His director compensation in 2011 was little lower at USD 2,05,625.
Earlier this month,Tata also acquired fresh shares in Alcoa Inc taking his holding to over Rs 1.5 crore in value terms. He acquired around 2,500 shares of Alcoa,taking his holding to over 36,309 shares,the filing showed.
Alcoa is the world¿s leading producer of primary and fabricated aluminum,as well as the world¿s largest miner of bauxite and refiner of alumina. Alcoa employs approximately 61,000 people in 30 countries across the world. According to Alcoa,”Tata brings to the company’s board significant international business experience in a wide variety of industries. His Asian perspective adds valuable diversity to the deliberations of the company¿s board.”
Tata is also part of the Alcoa Board’s International Committee and Public Issues Committee. At Tata group,he is credited with leading various group companies to some notable acquisitions,including the buyouts of Jaguar Land Rover by Tata Motors,Corus by Tata Steel and Tetley by Tata Tea.