Anand Mahindra, CMD, Mahindra Group at the M&M's 71st AGM in Mumbai. Photo: Kamlesh Pednekar
Mahindra and Mahindra (M&M) chairman Anand Mahindra took home salary of Rs 7.67 crore during 2016-17, an increase of 16.38 per cent from the previous financial year, says the company's annual report.
In terms of the ratio of his remuneration to that of the median remuneration of employees, it was 108.27, the report added.
Similarly, Managing Director Pawan Goenka received Rs 7.39 crore as remuneration, excluding perquisite value of ESOPs exercised for 2016-17. This was an increase of 15.86 per cent, said the report.
The ratio of Goenka's remuneration to that of the median remuneration of employees was 104.43.
As per the report, the median remuneration of employees of the company in 2016-17 was at Rs 7.08 lakh.
"In the financial year, there was an increase of 0.43 per cent in the median remuneration of employees," it added.
The report further said the average percentage decrease made in the salaries of employees other than managerial personnel in 2016-17 was 1.46 per cent whereas the decrease in the managerial remuneration for the year was 7.35 per cent.
"The remuneration of the executive chairman and the managing director is decided based on the individual performance, inflation, prevailing industry trends and benchmarks," it said.
The report also said M&M Group CFO and CIO V S Parthasarathy received Rs 3.52 crore as remuneration, excluding perquisite value of ESOPs exercised, up 19.74 per cent from the previous year.