Business News
India's richest man takes 66-per-cent pay cut
Oct 16, 2009, 6:54 GMT
New Delhi - India's richest man, Mukesh Ambani, has announced that he will take a two-thirds cut in his pay to set a 'personal example of moderation,' news reports said Friday.
Ambani, chairman of Reliance Industries Limited, said he would cap his pay at 150 million rupees (3.3 million dollars), the Economic Times daily reported. He received 440 million rupees in 2008.
Ambani, worth an estimated 19.5 billion dollars, took a cue from his younger brother Anil, who has already announced he would not take his salary and commission from the companies he manages.
The issue of executive compensation is of growing interest in India after firms doled out billions of dollars to their staff while taking bailout funds from the government during the global financial crisis.
Indian Corporate Affairs Minister Salman Khursheed recently warned firms against huge compensation for top executives.
Several firms in India trimmed salaries or held back increments last year to tide them over the recession, but executive pay has remained high despite the cuts.
Meanwhile, the ruling United Progressive Alliance government has made a public display of its austerity measures by asking ministers to fly economy class.
The government also asked Foreign Minister SM Krishna and his deputy Shashi Tharoor to vacate their temporary residences in luxury hotels for humble government homes.
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