3 min readMumbaiAug 10, 2023 12:35 AM IST
First published on: Aug 10, 2023 at 12:35 AM IST
Tata Sons Chairman N Chandrasekaran received a remuneration of Rs 113 crore during the financial year 2022-23 (FY23), making him probably the highest paid corporate chief executive officer (CEO) among non-promoters in India Inc.
Chandrasekaran received Rs 11.52 crore as salary and Rs 100 crore as commission during the fiscal, according to Tata Sons documents.
Total revenue of Tata Sons, the unlisted holding company of major Tata group companies, on a standalone basis rose to Rs 35,058 crore in FY23 as against Rs 24,132.97 crore in the previous year, a rise of 47 per cent. The company’s profit for the year also rose to Rs 22,132.38 crore for the year from Rs 17,171.21 crore a year ago, a growth of 28.89 per cent. Its consolidated profit, however, declined from Rs 30,390 crore to Rs 16,847 during the year ended March 2023.
The income of Tata Sons is mainly from tech giant Tata Consultancy Services (TCS) which made a profit of Rs 39,106 crore in FY23. Air India, where Tata Sons, had invested a huge amount is estimated to have made a huge loss in FY23.
Tata Trusts, headed by Ratan Tata, holds 66 per cent stake in Tata Sons, while Pallonji Mistry group has 18.4 per cent holding. Chandrasekaran got a five-year extension for his term as Chairman of Tata Sons in 2022.
Tata Sons directors also got Rs 2 crore plus remuneration during FY23. Vijay Singh (former Defence Secretary), Harish Manwani (former global COO of Unilever), Leo Puri (former UTI MF MD), Ralph Speth (former CEO of UK’s JLR) and Bhaskar Bhat (Chairman of Vistara) received Rs 2.80 crore as remuneration. Anita George (Co-founder of Edhina Capital and former World Bank and IFC official) got Rs 2.10 crore remuneration. Saurabh Agarwal, Executive Director, received a remuneration of Rs 27.82 crore, including Rs 22 crore commission, during the year.
However, Venu Srinivasan (Chairman Emeritus of TVS Motor) did not get any remuneration.
Among other India Inc CEOs, Infosys’ Salil Parekh saw a fall of 21 per cent in his yearly remuneration for FY23, according to the company’s annual report. Parekh received a salary of Rs 56.44 crore as against Rs 71.02 crore in FY22.
Rajesh Gopinathan, the former CEO and Managing Director (MD) of TCS, got a total pay of Rs 29.16 crore in FY 2023, a 13.17 per cent increase over FY 2022.
Sanjeev Mehta, who was the MD of Hindustan Unilever Ltd, the leading FMCG firm in the country, received an annual salary of Rs 22.36 crore for FY23, with a marginal rise from Rs 22.07 crore the previous year.
Mukesh Ambani, Chairman and MD of Reliance Industries Ltd (RIL), has opted not to take a salary or profit-based commission during the five-year period from April 19, 2024 till April 18, 2029. Ambani had capped his annual remuneration at Rs 15 crore, from FY2009 to FY2020. Since FY21, he opted to forego his salary, due to Covid-19 pandemic, until the company and all its businesses were fully back to their earnings potential, RIL said in its annual report.
The promoters of RIL hold 50.39 per cent stake in the company.
However, seven RIL non-executive directors including former SBI Chairperson Arundhati Bhattacharya and Nita Ambani received over Rs 2 crore each as remuneration during 2022-23, the report added.
Tata Sons directors also got Rs 2 crore plus remuneration during FY23. Vijay Singh (former Defence Secretary), Harish Manwani (former global COO of Unilever), Leo Puri (former UTI MF MD), Ralph Speth (former CEO of UK’s JLR) and Bhaskar Bhat (Chairman of Vistara) received Rs 2.80 crore as remuneration. 
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