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Transcript of Pay Ratio Disclosure
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
INGOVERN RESEARCH SERVICES
November 2015
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 2
As per the Companies Act, 2013, Indian companies have started making director pay-ratio disclosures in annual reports. This report
analyses the pay-ratio disclosures made by Nifty-50 companies and provides key-takeaways. The report also compares Indian pay-
ratio disclosure regulations with those in the US.
HIGHLIGHTS
34 Nifty-50 Companies disclosed Pay-ratios.
Pay of 95 Directors analysed in this study 34 95
3 Companies - Bajaj Auto, Bosch and Maruti Suzuki
shied away from making any such disclosures
PSUs are exempted from Pay-Ratio Disclosures.
Nifty-50 has 10 PSUs
3 Cos.
10 PSU
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 3
11 Directors’ Remuneration exceeds 400 times
the median employee pay of their companies.
This includes 3 Directors each of Hero
MotoCorp and Lupin
11 400
70% of the top-10 Highest Paid Directors of Nifty
companies are Promoter individuals
70% Promoter
Mr. Kumar Mangalam Birla was the only Non-
executive Director among the top-10 highest paid
directors. He is Non-executive Chairman of 4
Nifty companies and was paid a total of Rs. 40.5
Crores in FY15 from these companies
40Cr NED
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 4
Rs. 9.00 Crore: Average remuneration of an
Executive Director of Nifty Company
9Cr ED
Rs. 5.87 Lakh: Average Median Employee
Remuneration.
5.9L MER
170 times: Average ratio of Pay of Executive
Directors to the Median Employee Remuneration.
170 Ratio
8 Directors paid more than 1% of the standalone
net profits with the highest being 2.33%.
10 Directors paid less than 0.035% of the
standalone net profits.
8 10
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 5
PAGE
SUMMARY 2
BACKGROUND 6
THE PROVISIONS 7
KEY TAKEAWAYS 12
ANNEXURE
o DIRECTORS’ PAY-RATIO LIST IN
DECREASING ORDER 18
o COMPANY-WISE DIRECTOR’S
PAY-RATIO LIST 24
o REMUNERATION BREAK-UP AND
INFORMATION ON STOCK
OPTIONS 30
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 6
THE BACKGROUND
India-listed companies had to make additional and detailed disclosures on remuneration in the annual
reports for the financial year 2015. These disclosures were result of the requirements under Section 197
of the Companies Act, 2013. One of such requirement was disclosure of the pay-ratio of directors and
key managerial personnel with that of the median employee remuneration.
The Companies Act, 2013 empowers shareholders to vote on proposals for fixing of remuneration of
directors. In comparison, shareholders of US incorporated companies get to cast a non-binding vote on
such proposals. A non-binding vote doesn’t have any direct implication on passing of the proposal. It
is just a way to convey the opinion of the shareholders to Board. The CEO’s pay is set by the Board in
consultation with its Remuneration Committee and affirmation is sought from shareholders through
the proposal. If majority of the votes are against the proposal, the Board has the discretion to either
change the terms of the remuneration or go ahead with the unchanged original pay. This provision is
widely regarded in the US as ‘Say on Pay’.
Indian regulations’ ‘Vote on Pay’ gives shareholders of India-incorporated companies a significant
authority in comparison to the US regulations’ ‘Say on Pay’.
In spite of being provided with such an authority, shareholders of Indian companies have rarely taken
a principled stand in cases where excessive remuneration was paid to the directors, until recently. The
recent cases of Tata Motors (where proposals of remuneration to Executive Directors was voted
against) and Apollo Hospitals (where more than 46% voting institutional shareholders voted against
the proposals for appointment and remuneration of the Executive Vice Chairperson and Managing
Directors) shows a changing trend where shareholders are actively analyzing and voting on
remuneration proposals.
America has
‘Say on Pay’
while
India has
‘Vote on Pay’
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 7
THE PROVISIONS
Proposals for director remuneration are always a sensitive matter which needs thorough
analysis. Hence, companies are expected to give greater details of the terms of
remuneration in the explanatory statement of their proposals. The new Companies Act,
2013 which became effective on April 1st, 2014 requires companies to make more mandatory
disclosures regarding their director and senior managerial remuneration. This requirement
will aids shareholders in detailed analysis of remuneration proposals and take informed
decisions. The Securities and Exchange Commission (SEC) of US also incorporated similar
provisions for US-incorporated companies in August 2015 after exhaustive discussions and
debate since 2010. The regulations of both countries are listed below:
India – The Companies Act, 2013
Section 197(12) of the act states:
“Every listed company shall disclose in the Board’s report, the ratio of the remuneration of
each director to the median employee’s remuneration and such other details as may be
prescribed.”
Further, Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 states:
“Every listed company shall disclose in the Board’s report-
i) the ratio of the remuneration of each director to the median remuneration of the
employees of the company for the financial year;
ii) the percentage increase in remuneration of each director, Chief Financial Officer,
Chief Executive Officer, Company Secretary or Manager, if any, in the financial year;
INDIA
Companies Act, 2013
Section 197(12)
Rule 5 of Companies
(Appointment and
Remuneration of
Managerial Personnel)
Rules, 2014
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 8
INDIA
Companies Act, 2013
Section 197(12)
Rule 5 of Companies
(Appointment and
Remuneration of
Managerial Personnel)
Rules, 2014
iii) the percentage increase in the median remuneration of employees in the financial
year;
iv) the number of permanent employees on the rolls of company;
v) the explanation on the relationship between average increase in remuneration and
company performance;
vi) comparison of the remuneration of the Key Managerial Personnel against the
performance of the company;
vii) variations in the market capitalisation of the company, price earnings ratio as at the
closing date of the current financial year and previous financial year and percentage
increase over decrease in the market quotations of the shares of the company in
comparison to the rate at which the company came out with the last public offer in
case of listed companies, and in case of unlisted companies, the variations in the net
worth of the company as at the close of the current financial year and previous
financial year;
viii) average percentile increase already made in the salaries of employees other than the
managerial personnel in the last financial year and its comparison with the percentile
increase in the managerial remuneration and justification thereof and point out if
there are any exceptional circumstances for increase in the managerial remuneration;
ix) comparison of the each remuneration of the Key Managerial Personnel against the
performance of the company;
x) the key parameters for any variable component of remuneration availed by the
directors;
xi) the ratio of the remuneration of the highest paid director to that of the employees
who are not directors but receive remuneration in excess of the highest paid director
during the year; and
xii) affirmation that the remuneration is as per the remuneration policy of the company.”
Access the complete Section and the Rule in “The Companies Act Integrated Ready Reckoner - CAIRR”
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 9
USA
The Dodd-Frank Act
Section 953(b)
US – The Dodd-Frank Act
Section 953 of the Act states:
“(i) Disclosure Of Pay Versus Performance - The Commission shall, by rule, require each issuer to
disclose in any proxy or consent solicitation material for an annual meeting of the shareholders of
the issuer a clear description of any compensation required to be disclosed by the issuer under
section 229.402 of title 17, Code of Federal Regulations (or any successor thereto), including
information that shows the relationship between executive compensation actually paid and the
financial performance of the issuer, taking into account any change in the value of the shares of stock
and dividends of the issuer and any distributions.
The disclosure under this subsection may include a graphic representation of the information
required to be disclosed.’’.
(b) Additional Disclosure Requirements -
(1) In General - The Commission shall amend section 229.402 of title 17, Code of Federal Regulations,
to require each issuer to disclose in any filing of the issuer described in section 229.10(a) of title 17,
Code of Federal Regulations (or any successor thereto)—
(A) the median of the annual total compensation of all employees of the issuer, except the chief
executive officer (or any equivalent position) of the issuer;
(B) the annual total compensation of the chief executive officer (or any equivalent position) of the
issuer; and
(C) the ratio of the amount described in subparagraph (A) to the amount described in subparagraph
(B)”
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 10
COMPARISON OF THE PROVISIONS
While the Dodd Frank Act requires comparison of CEO’s pay with that of the median remuneration of employees, the
Companies Act requires remuneration of all directors to be compared with the median remuneration of employees. As per the
Dodd Frank regulation, no comparison is provided for any executive or non-executive members of the Board, other than the
CEO.
Both Dodd-Frank and Companies Act requires disclosure and comparison of remuneration of all key managerial personnel, such
as CEO, CFO, Company Secretary, etc., with that of the financial performance of the company.
The Companies Act seeks an additional disclosure of percentage increase of all directors and key managerial personnel as
compared to percentage increase in the median remuneration of employees.
The Companies Act also requires companies to provide explanation on the relationship between average increase in
remuneration and company performance.
The Dodd Frank Act allows certain relaxations to companies in calculating median remuneration of employees. The relaxations
are in form of exemption of salaries of non-US employees in certain cases, determination of median employee once every three
years, instead of every year, etc.
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 11
A detailed comparison in tabular format is given below:
Indian Companies Act US Dodd-Frank Act
Section 197(12) and Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 contain these
provisions
Section 953(b) of the Dodd-Frank Act contains these provisions
Origin of this provision was in the Companies Bill, 2011 This provision was in debate and discussion since 2010
Ratio of pay of each of the directors, including the MD, to median
employee remuneration is to be disclosed
Ratio of pay of CEO to median employee remuneration is to be
disclosed
Comparison of increase in pay of all key managerial personnel with
that of performance of the company is to be disclosed
Comparison of increase in pay of all key managerial personnel with
that of performance of the company is, to be disclosed
Comparison of % increase in pay of directors and key management
and % increase in median employee remuneration This is not a requirement under Dodd-Frank Act
Disclosure of explanation on relationship between average increase in
remuneration and company performance This is not a requirement under Dodd-Frank Act
The Act requires pay of all non-director employees to be taken for
calculation of median employee remuneration
Detailed method of calculation of the median employee remuneration
is suggested. The Act requires companies to segregate employees in
domestic and foreign locations, etc. and calculate median accordingly
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 12
DISCLOSURES BY INDIAN COMPANIES – KEY TAKEAWAYS
On the Companies Act, 2013 coming to effect on April 1, 2014, the companies have started making required disclosures in their
annual reports for FY15. We have compiled details as required under the Rule 5, of Nifty-50 companies that have made these details
available for FY15, with data available as on November 1, 2015.
A few points to note
Government companies (PSUs) are exempted from making such disclosures in their annual reports, as per a notification issued
by the Ministry of Corporate Affairs in June 2015. In our opinion, such an exemption should not have been given to PSUs. In the
interest of good governance, and greater transparency, all companies should be treated equal and selective exemptions should
not be given. The Government of India should view its role as a dominant shareholder and as a regulator as distinct and should
not have differing regulations for entities where it is a dominant shareholder.
As a result, our study doesn’t include 10 PSUs in the Nifty-50 index, viz., Bank of Baroda, BHEL, Bharat Petroleum, Coal India,
GAIL, NTPC, ONGC, Punjab National Bank, Power Grid Corporation and State Bank of India.
Three companies of the Nifty index, viz., HCL Technologies, ACC and Ambuja Cements have not yet made their FY-2015 annual
reports available as they have different year-ending dates. Hence, our study doesn’t include these companies.
Three companies of the Nifty index, viz., Bosch, Bajaj Auto and Maruti Suzuki have not made any such disclosures in their
annual report. The annual reports of Bajaj Auto and Maruti Suzuki state that these details will be made available to any
shareholder upon request. Hence, our study doesn’t include these companies. In our opinion, this is not a good precedent by
these companies, and it is against the spirit of the regulations.
As a result, our study is based on disclosures by 34 companies of the Nifty-50 index and 95 directorships in total.
Many directors left/joined the Board during FY15, hence were on the Board for a part of the financial year. We have suffixed an
asterisk (*) along with their names. Certain data-points for these directors are either not available or not meaningful.
We have not included certain directors who were on the Board for a very less period of time.
The study also includes directors who were promoted from within the company during FY15. In such cases, the percentage
increase in their remunerations may not be meaningful in comparing with percentage increase in the median employee
remuneration.
The exhaustive list containing details of 95 directors from 34 companies is provided in tabular format in the annexure.
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 13
1. THE RATIO
The remuneration of 11 Directors was more than 400 times the median employee remuneration of their companies. This included
three Directors each of Lupin and Hero MotoCorp and one each of Hindalco, L&T, Cipla, ITC and TCS.
Company Director Category Designation Ratio of DR to MER
Lupin Desh Bandhu Gupta Promoter Chairman 1168
Lupin Vinita Gupta Promoter CEO 777
Hero MotoCorp Pawan Munjal Promoter MD 631
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 625
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 601
Hindalco D. Bhattacharya Non-Promoter MD 518
Lupin Kamal Sharma Non-Promoter VC 516
L&T A M Naik Non-Promoter Chairman 454
Cipla Subhanu Saxena Non-Promoter MD 453
ITC Y. C. Deveshwar Non-Promoter Chairman 439
TCS N. Chandrasekaran Non-Promoter MD 417
0
1
2
3
Promoters Non-Promoters
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 14
2. THE REMUNERATION
The highest remuneration to a director was to the Managing Director of Hero MotoCorp who was paid Rs. 43.91 Crore for FY15.
10 Directors were paid remuneration in excess of Rs. 19 Crores. This included the Non-executive Director of Ultratech Cement
who is also the Chairman of the Board of the company.
Company Director Category Designation Director Remuneration
(DR) (Rs. Cr.) % of PAT
Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%
Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%
L&T A M Naik Non-Promoter Chairman 27.32 0.54%
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 0.21%
Lupin Vinita Gupta Promoter CEO 24.86 1.04%
Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%
TCS N. Chandrasekaran Non-Promoter MD 21.28 0.11%
Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%
7 out of these 10 (i.e., 70%) Directors are promoters of their respective companies. The three highest paid directors are directors of
Hero MotoCorp. Lupin also contributed two directors to the top-10 list.
Rs. 43.91 Crore
Highest Remuneration in FY15
Top 3 Highest Paid Directors,
all of Hero MotoCorp
70% of top-10 paid Directors are
Promoters
Average Director’s Remuneration: Rs.
9.00 Crore
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 15
3. THE AVERAGE
The average of ratio of Directors’ pay to median employee remuneration was 170.40 while the median was 97. Pay of 26 Directors
was higher than the average of 170.50. This included 13 promoters and 13 non-promoter directors.
Average of ratio of Director’s
Pay to MER was 170.40 and
Median was 97
Pay of 26 Directors was
higher than the average of
170.50
Average of MER was Rs. 5.87
Lakh and Median was
Rs. 5.29 Lakh
The average of median employee remuneration was Rs. 5.87 Lakh while the median was Rs. 5.29 Lakh.
4. THE PERCENTAGE
8 Directors were paid remuneration that was more than 1% of the standalone net profits of their companies. The top-10 Directors
in this list also included the Non-Executive Chairman of the Boards of Ultratech Cement and Grasim Industries. On the other
hand, remuneration of 16 Directors was less than 0.05% of the net profits of their companies.
Directors with highest ratio of Remuneration-to-Net Profits
Company Director Category Designation Remuneration
(Rs. Cr.) % of PAT
Hindalco D. Bhattacharya Non-Promoter MD 21.59 2.33%
Hero MotoCorp Pawan Munjal Promoter MD 43.91 1.84%
Hero MotoCorp Brijmohan Lall Munjal Promoter Chairman 43.64 1.83%
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 1.75%
Lupin Desh Bandhu Gupta Promoter Chairman 37.58 1.57%
Grasim Industries K. K. Maheshwari Non-Promoter MD 8.05 1.52%
Cipla Subhanu Saxena Non-Promoter MD 13.31 1.13%
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 16
Company Director Category Designation Remuneration
(Rs. Cr.) % of PAT
Lupin Vinita Gupta Promoter CEO 24.86 1.04%
Ultratech Cement Kumar Mangalam Birla Promoter NED Chair 19.04 0.94%
Grasim Industries Kumar Mangalam Birla Promoter NED Chair 4.52 0.85%
Directors with lowest ratio of Remuneration-to-Net Profits
Company Director Category Designation Remuneration
(Rs. Cr.) % of PAT
Reliance Industries Pawan Kumar Kapil Non-Promoter ED 2.42 0.01%
ICICI Bank Rajiv Sabharwal Non-Promoter ED 3.33 0.02%
HDFC Bank Kaizad Bharucha Non-Promoter ED 2.48 0.02%
Axis Bank V. Srinivasan Non-Promoter ED 2.46 0.03%
ITC P. V. Dhobale Non-Promoter ED 2.60 0.03%
ITC K. N. Grant Non-Promoter ED 2.60 0.03%
ITC N. Anand Non-Promoter ED 2.61 0.03%
Reliance Industries P. M. S. Prasad Non-Promoter ED 6.03 0.03%
ICICI Bank K. Ramkumar Non-Promoter ED 3.69 0.03%
ICICI Bank N. S. Kannan Non-Promoter ED 3.57 0.03%
Wipro S. C. Senapaty Non-Promoter ED 3.37 0.04%
ICICI Bank Chanda Kochhar Non-Promoter MD 5.11 0.04%
Infosys U. B. Pravin Rao Non-Promoter ED 6.08 0.05%
HDFC Bank Paresh Sukthankar Non-Promoter Deputy MD 5.22 0.05%
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 0.05%
Reliance Industries Hital R. Meswani Promoter ED 12.03 0.05%
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 17
5. THE BREAK-UP
On an average, remuneration of an Executive Director of a Nifty Company constituted 62% as fixed pay and 38% as variable pay.
A higher variable component of remuneration indicates that the remuneration policy is aligned with performance of the
company.
Average Remuneration Break-up:
62% Fixed; 38% Variable
Pay of 13 Directors didn’t consist
of any Variable Pay
Directors whose pay didn’t have any variable component
Company Director Category Designation Fixed Pay (Rs. Cr.)
Variable Pay (Rs. Cr.)
Total Pay (Rs. Cr.)
Adani Ports & SEZ Malay Mahadevia Non-Promoter ED 10.39 - 10.39
IndusInd Bank Ramesh Sobti Non-Promoter MD 5.39 - 5.39
Zee Entertainment Punit Goenka Promoter MD 5.07 - 5.07
Infosys Vishal Sikka* Non-Promoter MD 4.56 - 4.56
Zee Entertainment Subodh Kumar Non-Promoter VC 3.57 - 3.57
Tata Motors R. Pisharody Non-Promoter ED 2.45 - 2.45
Tata Motors S. B. Borwankar Non-Promoter ED 2.03 - 2.03
Ultratech Cement Dilip Gaur* Non-Promoter Deputy MD 1.45 - 1.45
Lupin M. D. Gupta Promoter ED 0.50 - 0.50
Adani Ports & SEZ Sudipta Bhattacharya Non-Promoter ED 6.80 - 6.80
Vedanta Tom Albanese Non-Promoter MD 5.80 - 5.80
Yes Bank Rana Kapoor Promoter MD 4.70 - 4.70
Axis Bank Sanjeev K. Gupta* Non-Promoter ED 0.84 - 0.84
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 18
ANNEXURE
Directors’ Pay-ratio list in decreasing order of ratio of director remuneration to median employee remuneration
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Lupin Desh Bandhu
Gupta Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168
Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777
Hero MotoCorp Pawan Munjal Promoter MD 43.91 17.00% 1.84% 13.11% 7.07 10.31% 631
Hero MotoCorp Brijmohan Lall
Munjal Promoter Chairman 43.64 19.00% 1.83% 13.11% 7.07 10.31% 625
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18.00% 1.75% 13.11% 7.07 10.31% 601
Hindalco D. Bhattacharya Non-
Promoter MD 21.59 2.52% 2.33% -35.00% 4.16 5.20% 518
Lupin Kamal Sharma Non-
Promoter VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516
L&T A M Naik Non-
Promoter Chairman 27.32 -3.84% 0.54% -8.00% 6.02 12.10% 454
Cipla Subhanu Saxena Non-
Promoter MD 13.31 -38.64% 1.13% -14.93% 2.94 3.41% 453
ITC Y. C. Deveshwar Non-
Promoter Chairman 15.28 24.00% 0.16% 9.37% 3.46 14.00% 439
TCS N. Chandrasekaran Non-
Promoter MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417
Ultratech Cement Kumar Mangalam
Birla Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384
Dr. Reddy's G. V. Prasad Promoter MD 12.93 18.00% 0.77% -13.00% 3.56 0.50% 363
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 13.81% 0.21% 100.00% 8.40 -2.30% 324
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 19
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Hindalco Satish Pai Non-
Promoter ED 12.17 - 1.32% -35.00% 4.16 5.20% 292
Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272
Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16.00% 0.58% -13.00% 3.56 0.50% 271
Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256
L&T K Venkataramanan Non-
Promoter MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226
Grasim Industries K. K. Maheshwari Non-
Promoter MD 8.05 -3.60% 1.52% -41.00% 3.73 12.70% 216
L&T S N Subrahmanyan Non-
Promoter ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213
Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206
Adani Ports & SEZ Malay Mahadevia Non-
Promoter ED 10.39 2.85% 0.48% 8.29% 5.08 0.40% 204
Idea Cellular Kumar Mangalam
Birla Promoter NED Chair 13.35 56.30% 0.48% 66.30% 7.03 9.80% 190
Vedanta Tarun Jain Non-
Promoter ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174
L&T R Shankar Raman Non-
Promoter ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172
Wipro T. K. Kurien Non-
Promoter ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170
Cipla Rajesh Garg Non-
Promoter ED 4.98 -32.02% 0.42% -14.93% 2.94 3.41% 169
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
HDFC Bank Aditya Puri Non- MD 7.40 15.00% 0.07% 20.48% 4.60 8.26% 163
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 20
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Mahindra &
Mahindra Pawan Goenka
Non-
Promoter ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157
L&T M V Kotwal Non-
Promoter ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154
Ultratech Cement O. P. Puranmalka Non-
Promoter MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150
Adani Ports & SEZ Sudipta
Bhattacharya
Non-
Promoter ED 6.80 - 0.31% 8.29% 5.08 0.40% 134
IndusInd Bank Ramesh Sobti Non-
Promoter MD 5.39 7.00% 0.25% 27.41% 4.11 7.60% 131
L&T Shailendra N Roy Non-
Promoter ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131
Cipla S. Radhakrishnan Non-
Promoter ED 3.69 0.48% 0.31% -14.93% 2.94 3.41% 125
Idea Cellular Himanshu Kapania Non-
Promoter MD 8.78 5.00% 0.31% 66.30% 7.03 9.80% 125
Infosys U. B. Pravin Rao Non-
Promoter ED 6.08 130.00% 0.05% 19.32% 4.89 -5.20% 124
Grasim Industries Kumar Mangalam
Birla Promoter NED Chair 4.52 -43.00% 0.85% -41.00% 3.73 12.70% 121
Infosys Vishal Sikka* Non-
Promoter MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117
Asian Paints K. B. S. Anand Non-
Promoter MD 6.10 17.00% 0.46% 14.00% 5.31 15.00% 115
HDFC Bank Paresh Sukthankar Non-
Promoter Deputy MD 5.22 25.00% 0.05% 20.48% 4.60 8.26% 113
Vedanta Tom Albanese Non- MD 5.80 - 0.30% 79.09% 5.20 11.20% 111
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 21
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108
Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99
ICICI Bank Chanda Kochhar Non-
Promoter MD 5.11 14.00% 0.04% 13.90% 5.40 5.00% 97
Hindustan Unilever Sanjiv Mehta Non-
Promoter MD 14.17 -2.90% 0.33% 11.58% 15.20 4.55% 93
Mahindra &
Mahindra Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91
Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89
Axis Bank Somnath Sengupta* Non-
Promoter ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85
Hindalco Kumar Mangalam
Birla Promoter NED Chair 3.50 -48.14% 0.38% -35.00% 4.16 5.20% 84
HDFC Keki M. Mistry Non-
Promoter MD 8.12 15.00% 0.15% 12.00% 9.70 16.00% 83
Reliance Industries P. M. S. Prasad Non-
Promoter ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83
Sun Pharmaceutical
Industries Sudhir V. Valia
Non-
Promoter ED 3.03 33.12% Loss Loss 3.70 14.61% 82
Sun Pharmaceutical
Industries Dilip Shanghvi Promoter MD 2.98 16.98% Loss Loss 3.70 14.61% 81
Vedanta D. D. Jalan Non-
Promoter ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80
HDFC Renu Sud Karnad Non-
Promoter MD 7.39 15.00% 0.14% 12.00% 9.70 16.00% 77
Cairn India Mayank Ashar* Non-
Promoter MD 6.06 - 0.46% -82.29% 7.97 18.70% 76
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 22
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Grasim Industries Adesh Kumar
Gupta
Non-
Promoter ED 2.85 -12.90% 0.54% -41.00% 3.73 12.70% 76
ITC N. Anand Non-
Promoter ED 2.61 16.00% 0.03% 9.37% 3.46 14.00% 76
ITC P. V. Dhobale Non-
Promoter ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75
ITC K. N. Grant Non-
Promoter ED 2.60 17.00% 0.03% 9.37% 3.46 14.00% 75
Axis Bank Shikha Sharma Non-
Promoter MD 4.18 15.00% 0.06% 18.00% 5.30 6.16% 74
Tata Steel T. V. Narendran Non-
Promoter MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67
ICICI Bank N. S. Kannan Non-
Promoter ED 3.57 14.00% 0.03% 13.90% 5.40 5.00% 65
ICICI Bank K. Ramkumar Non-
Promoter ED 3.69 14.00% 0.03% 13.90% 5.40 5.00% 65
Tata Power Anil Sardana Non-
Promoter MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65
Bharti Airtel Gopal Vittal Non-
Promoter MD 7.79 25.65% 0.06% 100.00% 8.40 -2.30% 64
Tech Mahindra Vineet Nayyar Non-
Promoter VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63
Wipro S. C. Senapaty Non-
Promoter ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63
ICICI Bank Rajiv Sabharwal Non-
Promoter ED 3.33 14.00% 0.02% 13.90% 5.40 5.00% 62
Hindustan Unilever P. B. Balaji* Non-
Promoter ED 6.31 -1.40% 0.15% 11.58% 15.20 4.55% 59
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 23
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55
HDFC Bank Kaizad Bharucha Non-
Promoter ED 2.48 13.40% 0.02% 20.48% 4.60 8.26% 53
Tata Motors R. Pisharody Non-
Promoter ED 2.45 -27.92% Loss Loss 5.29 8.00% 51
HDFC V. Srinivasa
Rangan
Non-
Promoter ED 4.85 16.00% 0.09% 12.00% 9.70 16.00% 49
Zee Entertainment Subodh Kumar Non-
Promoter VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49
Tata Steel Koushik Chatterjee Non-
Promoter ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48
Axis Bank V. Srinivasan Non-
Promoter ED 2.46 14.00% 0.03% 18.00% 5.30 6.16% 47
Kotak Mahindra
Bank Uday Kotak Promoter MD 2.26 2.10% 0.12% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank Dipak Gupta
Non-
Promoter ED 7.62 2.28% 0.41% 24.23% 5.20 11.05% 43
Kotak Mahindra
Bank C. Jayaram
Non-
Promoter ED 7.72 2.04% 0.41% 24.23% 5.20 11.05% 43
Tech Mahindra C. P. Gurnani Non-
Promoter MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43
Reliance Industries Pawan Kumar
Kapil
Non-
Promoter ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33
Hindustan Unilever Pradeep Banerjee Non-
Promoter ED 5.06 5.40% 0.12% 11.58% 15.20 4.55% 32
Tata Motors S. B. Borwankar Non-
Promoter ED 2.03 -41.31% Loss Loss 5.29 8.00% 31
Axis Bank Sanjeev K. Gupta* Non- ED 0.84 25.00% 0.01% 18.00% 5.30 6.16% 30
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 24
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Ultratech Cement Dilip Gaur* Non-
Promoter Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27
Tata Power Ashok S. Sethi* Non-
Promoter ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26
Sun Pharmaceutical
Industries Sailesh T Desai
Non-
Promoter ED 0.93 10.08% Loss Loss 3.70 14.61% 25
Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16
Tata Power S. Padmanabhan* Non-
Promoter ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13
Hindustan Unilever Sridhar
Ramamurthy*
Non-
Promoter ED 7.48 - 0.17% 11.58% 15.20 4.55% -
* The Director was on the Board for part of FY-2015
Company-wise Director’s Pay-Ratio List
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Adani Ports & SEZ Gautam Adani Promoter MD 2.80 - 0.13% 8.29% 5.08 0.40% 55
Adani Ports & SEZ Malay Mahadevia Non-Promoter
ED 10.39 3% 0.48% 8.29% 5.08 0.40% 204
Adani Ports & SEZ Sudipta Bhattacharya
Non-Promoter
ED 6.80 - 0.31% 8.29% 5.08 0.40% 134
Asian Paints K. B. S. Anand Non-Promoter
MD 6.10 17% 0.46% 14.00% 5.31 15.00% 115
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 25
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Axis Bank Shikha Sharma Non-Promoter
MD 4.18 15% 0.06% 18.00% 5.30 6.16% 74
Axis Bank V. Srinivasan Non-Promoter
ED 2.46 14% 0.03% 18.00% 5.30 6.16% 47
Axis Bank Somnath Sengupta* Non-Promoter
ED 4.51 INA 0.06% 18.00% 5.30 6.16% 85
Axis Bank Sanjeev K. Gupta* Non-Promoter
ED 0.84 25% 0.01% 18.00% 5.30 6.16% 30
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 27.18 14% 0.21% 100.00% 8.40 -2.30% 324
Bharti Airtel Gopal Vittal Non-Promoter
MD 7.79 26% 0.06% 100.00% 8.40 -2.30% 64
Cairn India Mayank Ashar* Non-Promoter
MD 6.06 - 0.46% -82.29% 7.97 18.70% 76
Cipla Subhanu Saxena Non-Promoter
MD 13.31 -39% 1.13% -14.93% 2.94 3.41% 453
Cipla S. Radhakrishnan Non-Promoter
ED 3.69 0% 0.31% -14.93% 2.94 3.41% 125
Cipla Rajesh Garg Non-Promoter
ED 4.98 -32% 0.42% -14.93% 2.94 3.41% 169
Dr. Reddy's Satish Reddy Promoter Chairman 9.66 -16% 0.58% -13.00% 3.56 0.50% 271
Dr. Reddy's G. V. Prasad Promoter MD 12.93 18% 0.77% -13.00% 3.56 0.50% 363
Grasim Industries K. K. Maheshwari Non-Promoter
MD 8.05 -4% 1.52% -41.00% 3.73 12.70% 216
Grasim Industries Adesh Kumar Gupta
Non-Promoter
ED 2.85 -13% 0.54% -41.00% 3.73 12.70% 76
Grasim Industries Kumar Mangalam Birla
Promoter NED Chair 4.52 -43% 0.85% -41.00% 3.73 12.70% 120.64
HDFC Keki M. Mistry Non-Promoter
MD 8.12 15% 0.15% 12.00% 9.70 16.00% 83
HDFC Renu Sud Karnad Non-Promoter
MD 7.39 15% 0.14% 12.00% 9.70 16.00% 77
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 26
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
HDFC V. Srinivasa Rangan
Non-Promoter
ED 4.85 16% 0.09% 12.00% 9.70 16.00% 49
HDFC Bank Aditya Puri Non-Promoter
MD 7.40 15% 0.07% 20.48% 4.60 8.26% 163
HDFC Bank Paresh Sukthankar Non-Promoter
Deputy MD 5.22 25% 0.05% 20.48% 4.60 8.26% 113
HDFC Bank Kaizad Bharucha Non-Promoter
ED 2.48 13% 0.02% 20.48% 4.60 8.26% 53
Hero MotoCorp Brijmohan Lall Munjal
Promoter Chairman 43.64 19% 1.83% 13.11% 7.07 10.31% 625
Hero MotoCorp Pawan Munjal Promoter MD 43.91 17% 1.84% 13.11% 7.07 10.31% 631
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 41.87 18% 1.75% 13.11% 7.07 10.31% 601
Hindalco D. Bhattacharya Non-Promoter
MD 21.59 3% 2.33% -35.00% 4.16 5.20% 518
Hindalco Satish Pai Non-Promoter
ED 12.17 - 1.32% -35.00% 4.16 5.20% 292
Hindalco Kumar Mangalam Birla
Promoter NED Chair 3.50 -48% 0.38% -35.00% 4.16 5.20% 84
Hindustan Unilever Sanjiv Mehta Non-Promoter
MD 14.17 -3% 0.33% 11.58% 15.20 4.55% 93
Hindustan Unilever Sridhar Ramamurthy*
Non-Promoter
ED 7.48 - 0.17% 11.58% 15.20 4.55% -
Hindustan Unilever P. B. Balaji* Non-Promoter
ED 6.31 -1% 0.15% 11.58% 15.20 4.55% 59
Hindustan Unilever Pradeep Banerjee Non-Promoter
ED 5.06 5% 0.12% 11.58% 15.20 4.55% 32
ICICI Bank Chanda Kochhar Non-Promoter
MD 5.11 14% 0.04% 13.90% 5.40 5.00% 97
ICICI Bank N. S. Kannan Non-Promoter
ED 3.57 14% 0.03% 13.90% 5.40 5.00% 65
ICICI Bank K. Ramkumar Non-Promoter
ED 3.69 14% 0.03% 13.90% 5.40 5.00% 65
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 27
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
ICICI Bank Rajiv Sabharwal Non-Promoter
ED 3.33 14% 0.02% 13.90% 5.40 5.00% 62
Idea Cellular Himanshu Kapania Non-Promoter
MD 8.78 5% 0.31% 66.30% 7.03 9.80% 125
Idea Cellular Kumar Mangalam Birla
Promoter NED Chair 13.35 56% 0.48% 66.30% 7.03 9.80% 190
IndusInd Bank Ramesh Sobti Non-Promoter
MD 5.39 7% 0.25% 27.41% 4.11 7.60% 131
Infosys Vishal Sikka* Non-Promoter
MD 4.56 - 0.04% 19.32% 4.89 -5.20% 117
Infosys U. B. Pravin Rao Non-Promoter
ED 6.08 130% 0.05% 19.32% 4.89 -5.20% 124
ITC Y. C. Deveshwar Non-Promoter
Chairman 15.28 24% 0.16% 9.37% 3.46 14.00% 439
ITC N. Anand Non-Promoter
ED 2.61 16% 0.03% 9.37% 3.46 14.00% 76
ITC P. V. Dhobale Non-Promoter
ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75
ITC K. N. Grant Non-Promoter
ED 2.60 17% 0.03% 9.37% 3.46 14.00% 75
Kotak Mahindra Bank
Uday Kotak Promoter MD 2.26 2% 0.12% 24.23% 5.20 11.05% 43
Kotak Mahindra Bank
Dipak Gupta Non-Promoter
ED 7.62 2% 0.41% 24.23% 5.20 11.05% 43
Kotak Mahindra Bank
C. Jayaram Non-Promoter
ED 7.72 2% 0.41% 24.23% 5.20 11.05% 43
L&T A M Naik Non-Promoter
Chairman 27.32 -4% 0.54% -8.00% 6.02 12.10% 454
L&T K Venkataramanan Non-Promoter
MD 13.58 2.42% 0.27% -8.00% 6.02 12.10% 226
L&T M V Kotwal Non-Promoter
ED 9.25 1.16% 0.18% -8.00% 6.02 12.10% 154
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 28
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
L&T S N Subrahmanyan Non-Promoter
ED 12.83 -3.26% 0.25% -8.00% 6.02 12.10% 213
L&T R Shankar Raman Non-Promoter
ED 10.37 -3.89% 0.21% -8.00% 6.02 12.10% 172
L&T Shailendra N Roy Non-Promoter
ED 7.90 3.12% 0.16% -8.00% 6.02 12.10% 131
Lupin Desh Bandhu Gupta
Promoter Chairman 37.58 1.00% 1.57% 3.00% 3.20 3.00% 1168
Lupin Vinita Gupta Promoter CEO 24.86 83.00% 1.04% 3.00% 3.20 3.00% 777
Lupin Kamal Sharma Non-Promoter
VC 16.61 23.00% 0.69% 3.00% 3.20 3.00% 516
Lupin Nilesh Gupta Promoter MD 8.23 36.00% 0.34% 3.00% 3.20 3.00% 256
Lupin M. D. Gupta Promoter ED 0.50 - 0.02% 3.00% 3.20 3.00% 16
Mahindra & Mahindra
Anand Mahindra Promoter MD 5.98 15.33% 0.18% -11.00% 6.60 12.00% 91
Mahindra & Mahindra
Pawan Goenka Non-Promoter
ED 10.38 131.64% 0.31% -11.00% 6.60 12.00% 157
Reliance Industries Mukesh Ambani Promoter MD 15.00 0.00% 0.07% 3.34% 7.29 3.71% 206
Reliance Industries Nikhil R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries Hital R. Meswani Promoter ED 12.03 -1.00% 0.05% 3.34% 7.29 3.71% 165
Reliance Industries P. M. S. Prasad Non-Promoter
ED 6.03 0.00% 0.03% 3.34% 7.29 3.71% 83
Reliance Industries Pawan Kumar Kapil
Non-Promoter
ED 2.42 -3.00% 0.01% 3.34% 7.29 3.71% 33
Sun Pharmaceutical Industries
Dilip Shanghvi Promoter MD 2.98 16.98% - - 3.70 14.61% 81
Sun Pharmaceutical Industries
Sudhir V. Valia Non-Promoter
ED 3.03 33.12% - - 3.70 14.61% 82
Sun Pharmaceutical Industries
Sailesh T Desai Non-Promoter
ED 0.93 10.08% - - 3.70 14.61% 25
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 29
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Tata Motors R. Pisharody Non-Promoter
ED 2.45 -27.92% - Loss 5.29 8.00% 51
Tata Motors S. B. Borwankar Non-Promoter
ED 2.03 -41.31% - Loss 5.29 8.00% 31
Tata Power Anil Sardana Non-Promoter
MD 5.53 13.00% 0.55% 5.87% 8.50 14.00% 65
Tata Power Ashok S. Sethi* Non-Promoter
ED 2.22 30.00% 0.22% 5.87% 8.50 14.00% 26
Tata Power S. Padmanabhan* Non-Promoter
ED 1.10 -68.00% 0.11% 5.87% 8.50 14.00% 13
Tata Steel T. V. Narendran Non-Promoter
MD 6.47 11.00% 0.10% 0.42% 7.82 12.08% 67
Tata Steel Koushik Chatterjee Non-Promoter
ED 5.62 0.00% 0.09% 0.42% 7.82 12.08% 48
TCS N. Chandrasekaran Non-Promoter
MD 21.28 13.90% 0.11% 4.24% 5.10 4.60% 417
Tech Mahindra C. P. Gurnani Non-Promoter
MD 2.43 5.48% 0.11% -16.00% 5.70 -11.19% 43
Tech Mahindra Vineet Nayyar Non-Promoter
VC 3.60 -1.45% 0.16% -16.00% 5.70 -11.19% 63
Ultratech Cement O. P. Puranmalka Non-Promoter
MD 8.28 -18.95% 0.41% -6.02% 4.95 6.40% 150
Ultratech Cement Dilip Gaur* Non-Promoter
Deputy MD 1.45 - 0.07% -6.02% 4.95 6.40% 27
Ultratech Cement Kumar Mangalam Birla
Promoter NED Chair 19.04 -6.00% 0.94% -6.02% 4.95 6.40% 384
Vedanta Naveen Agarwal Promoter Chairman 14.12 9.00% 0.73% 79.09% 5.20 11.20% 272
Vedanta Tom Albanese Non-Promoter
MD 5.80 - 0.30% 79.09% 5.20 11.20% 111
Vedanta Tarun Jain Non-Promoter
ED 9.03 15.00% 0.47% 79.09% 5.20 11.20% 174
Vedanta D. D. Jalan Non- ED 4.13 17.70% 0.21% 79.09% 5.20 11.20% 80
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 30
Name of the
Company
Name of the
Director Category Designation
Director
Remuneration
(DR) (Rs. Cr.)
% increase
in
Remunerat
ion
% of
PAT
%
increase
in PAT
Median
Employee
Remunera
tion
(MER)
(Rs. Lac)
%
increase
in MER
Ratio
of DR
to
MER
Promoter
Wipro Azim H. Premji Promoter MD 4.78 -53.00% 0.06% 10.91% 5.37 9.49% 89
Wipro T. K. Kurien Non-Promoter
ED 9.11 39.00% 0.11% 10.91% 5.37 9.49% 170
Wipro S. C. Senapaty Non-Promoter
ED 3.37 8.00% 0.04% 10.91% 5.37 9.49% 63
Yes Bank Rana Kapoor Promoter MD 4.70 29.70% 0.23% 23.92% 4.40 13.90% 108
Zee Entertainment Punit Goenka Promoter MD 5.07 0.00% 0.61% 7.77% 5.12 9.00% 99
Zee Entertainment Subodh Kumar Non-Promoter
VC 3.57 11.00% 0.43% 7.77% 5.12 9.00% 49
* The Director was on the Board for part of FY-2015
Remuneration Break-up and Information on Stock Options
Company Director Category Designation Fixed Pay (Rs. Cr.)
% Variable Pay
(Rs. Cr.) %
Total Pay (Rs. Cr.)
Stock Options (Rs. Cr.)
Adani Ports & SEZ Gautam Adani Promoter MD 1.80 64% 1.00 36% 2.80 -
Adani Ports & SEZ Malay Mahadevia Non-
Promoter ED 10.39 100% - 0% 10.39 -
Adani Ports & SEZ Sudipta Bhattacharya
Non-Promoter
ED 6.80 100% - 0% 6.80 -
Asian Paints K. B. S. Anand Non-
Promoter MD 3.70 61% 2.40 39% 6.10 -
Axis Bank Shikha Sharma Non-
Promoter MD 3.50 84% 0.68 16% 4.18 0.41
Axis Bank V. Srinivasan Non-
Promoter ED 2.03 83% 0.43 17% 2.46 0.05
Axis Bank Somnath Sengupta* Non- ED 3.86 86% 0.65 14% 4.51 0.17
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 31
Company Director Category Designation Fixed Pay (Rs. Cr.)
% Variable Pay
(Rs. Cr.) %
Total Pay (Rs. Cr.)
Stock Options (Rs. Cr.)
Promoter
Axis Bank Sanjeev K. Gupta* Non-
Promoter ED 0.84 100% - 0% 0.84 0.08
Bharti Airtel Sunil Bharti Mittal Promoter Chairman 18.93 70% 8.25 30% 27.18 -
Bharti Airtel Gopal Vittal Non-
Promoter MD 6.14 79% 1.65 21% 7.79 2.44
Cairn India Mayank Ashar* Non-
Promoter MD 5.14 85% 0.92 15% 6.06 -
Cipla Subhanu Saxena Non-
Promoter MD 9.96 75% 3.35 25% 13.31 -
Cipla S. Radhakrishnan Non-
Promoter ED 2.27 62% 1.42 38% 3.69 -
Cipla Rajesh Garg Non-
Promoter ED 4.45 89% 0.53 11% 4.98 -
Dr. Reddy's Satish Reddy Promoter Chairman 1.16 12% 8.50 88% 9.66 -
Dr. Reddy's G. V. Prasad Promoter MD 0.93 7% 12.00 93% 12.93 -
Grasim Industries K. K. Maheshwari Non-
Promoter MD 5.80 72% 2.25 28% 8.05 -
Grasim Industries Adesh Kumar Gupta
Non-Promoter
ED 2.35 82% 0.50 18% 2.85 -
Grasim Industries Kumar Mangalam Birla
Promoter NED Chair 0.02 0% 4.50 100% 4.52 -
HDFC Keki M. Mistry Non-
Promoter MD 3.67 45% 4.45 55% 8.12 Yes(*)
HDFC Renu Sud Karnad Non-
Promoter MD 3.33 45% 4.06 55% 7.39 Yes(*)
HDFC V. Srinivasa Rangan
Non-Promoter
ED 2.26 47% 2.59 53% 4.85 Yes(*)
HDFC Bank Aditya Puri Non-
Promoter MD 5.30 72% 2.10 28% 7.40 25.41
HDFC Bank Paresh Sukthankar Non-
Promoter Deputy MD 3.23 62% 1.99 38% 5.22 13.70
HDFC Bank Kaizad Bharucha Non-
Promoter ED 1.83 74% 0.65 26% 2.48 10.96
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 32
Company Director Category Designation Fixed Pay (Rs. Cr.)
% Variable Pay
(Rs. Cr.) %
Total Pay (Rs. Cr.)
Stock Options (Rs. Cr.)
Hero MotoCorp Brijmohan Lall Munjal
Promoter Chairman 9.03 21% 34.61 79% 43.64 -
Hero MotoCorp Pawan Munjal Promoter MD 9.30 21% 34.61 79% 43.91 -
Hero MotoCorp Sunil Kant Munjal Promoter Joint MD 7.26 17% 34.61 83% 41.87 -
Hindalco D. Bhattacharya Non-
Promoter MD 15.24 71% 6.35 29% 21.59 0.32
Hindalco Satish Pai Non-
Promoter ED 9.17 75% 3.00 25% 12.17 -
Hindalco Kumar Mangalam Birla
Promoter NED Chair 0.10 3% 3.50 97% 3.59 -
Hindustan Unilever Sanjiv Mehta Non-
Promoter MD 11.25 79% 2.92 21% 14.17 3.61
Hindustan Unilever Sridhar Ramamurthy*
Non-Promoter
ED 6.48 87% 1.00 13% 7.48 3.69
Hindustan Unilever P. B. Balaji* Non-
Promoter ED 5.80 92% 0.51 8% 6.31 1.77
Hindustan Unilever Pradeep Banerjee Non-
Promoter ED 4.19 83% 0.87 17% 5.06 1.81
ICICI Bank Chanda Kochhar Non-
Promoter MD 3.77 74% 1.34 26% 5.11 3.15
ICICI Bank N. S. Kannan Non-
Promoter ED 2.67 75% 0.90 25% 3.57 7.87
ICICI Bank K. Ramkumar Non-
Promoter ED 2.79 76% 0.90 24% 3.69 30.80
ICICI Bank Rajiv Sabharwal Non-
Promoter ED 2.49 75% 0.84 25% 3.33 6.22
Idea Cellular Himanshu Kapania Non-
Promoter MD 4.77 54% 4.01 46% 8.78 -
Idea Cellular Kumar Mangalam Birla
Promoter NED Chair - 0% 13.34 100% 13.35 -
IndusInd Bank Ramesh Sobti Non-
Promoter MD 5.39 100% - 0% 5.39 -
Infosys Vishal Sikka* Non-
Promoter MD 4.56 100% - 0% 4.56 Yes(*)
Infosys U. B. Pravin Rao Non-
Promoter ED 2.29 38% 3.79 62% 6.08 -
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 33
Company Director Category Designation Fixed Pay (Rs. Cr.)
% Variable Pay
(Rs. Cr.) %
Total Pay (Rs. Cr.)
Stock Options (Rs. Cr.)
ITC Y. C. Deveshwar Non-
Promoter Chairman 6.64 43% 8.64 57% 15.28 Yes(*)
ITC N. Anand Non-
Promoter ED 1.31 50% 1.30 50% 2.61 Yes(*)
ITC P. V. Dhobale Non-
Promoter ED 1.30 50% 1.30 50% 2.60 Yes(*)
ITC K. N. Grant Non-
Promoter ED 1.30 50% 1.30 50% 2.60 Yes(*)
Kotak Mahindra Bank
Uday Kotak Promoter MD 1.76 78% 0.50 22% 2.26 -
Kotak Mahindra Bank
Dipak Gupta Non-
Promoter ED 7.12 93% 0.50 7% 7.62 Yes(*)
Kotak Mahindra Bank
C. Jayaram Non-
Promoter ED 7.22 94% 0.50 6% 7.72 Yes(*)
L&T A M Naik Non-
Promoter Chairman 9.13 33% 18.19 67% 27.32 -
L&T K Venkataramanan Non-
Promoter MD 6.19 46% 7.39 54% 13.58 -
L&T M V Kotwal Non-
Promoter ED 4.34 47% 4.91 53% 9.25 -
L&T S N Subrahmanyan Non-
Promoter ED 4.10 32% 8.73 68% 12.83 -
L&T R Shankar Raman Non-
Promoter ED 3.46 33% 6.91 67% 10.37 -
L&T Shailendra N Roy Non-
Promoter ED 3.42 43% 4.48 57% 7.90 -
Lupin Desh Bandhu Gupta
Promoter Chairman 4.90 13% 32.68 87% 37.58 -
Lupin Vinita Gupta Promoter CEO INA - INA - 24.86 -
Lupin Kamal Sharma Non-
Promoter VC 11.41 69% 5.20 31% 16.61 2.45
Lupin Nilesh Gupta Promoter MD 5.16 63% 3.07 37% 8.23 -
Lupin M. D. Gupta Promoter ED 0.50 100% - 0% 0.50 -
Mahindra & Mahindra
Anand Mahindra Promoter MD 3.18 53% 2.80 47% 5.98 -
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 34
Company Director Category Designation Fixed Pay (Rs. Cr.)
% Variable Pay
(Rs. Cr.) %
Total Pay (Rs. Cr.)
Stock Options (Rs. Cr.)
Mahindra & Mahindra
Pawan Goenka Non-
Promoter ED 7.92 76% 2.46 24% 10.38 4.40
Reliance Industries Mukesh Ambani Promoter MD 5.59 37% 9.41 63% 15.00 -
Reliance Industries Nikhil R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -
Reliance Industries Hital R. Meswani Promoter ED 2.83 24% 9.20 76% 12.03 -
Reliance Industries P. M. S. Prasad Non-
Promoter ED 2.36 39% 3.67 61% 6.03 -
Reliance Industries Pawan Kumar Kapil
Non-Promoter
ED 1.35 56% 1.07 44% 2.42 0.46
Sun Pharmaceutical Industries
Dilip Shanghvi Promoter MD 2.54 85% 0.44 15% 2.98 -
Sun Pharmaceutical Industries
Sudhir V. Valia Non-
Promoter ED 2.59 85% 0.44 15% 3.03 -
Sun Pharmaceutical Industries
Sailesh T Desai Non-
Promoter ED 0.77 83% 0.16 17% 0.93 -
Tata Motors R. Pisharody Non-
Promoter ED 2.45 100% - 0% 2.45 -
Tata Motors S. B. Borwankar Non-
Promoter ED 2.03 100% - 0% 2.03 -
Tata Power Anil Sardana Non-
Promoter MD 2.11 38% 3.42 62% 5.53 -
Tata Power Ashok S. Sethi* Non-
Promoter ED 1.18 53% 1.04 47% 2.22 -
Tata Power S. Padmanabhan* Non-
Promoter ED 0.63 57% 0.47 43% 1.10 -
Tata Steel T. V. Narendran Non-
Promoter MD 2.07 32% 4.40 68% 6.47 -
Tata Steel Koushik Chatterjee Non-
Promoter ED 1.55 28% 4.07 72% 5.62 -
TCS N. Chandrasekaran Non-
Promoter MD 5.28 25% 16.00 75% 21.28 -
Tech Mahindra C. P. Gurnani Non-
Promoter MD 1.71 70% 0.72 30% 2.43 163.14
Tech Mahindra Vineet Nayyar Non-
Promoter VC 2.52 70% 1.08 30% 3.60 116.31
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 35
Company Director Category Designation Fixed Pay (Rs. Cr.)
% Variable Pay
(Rs. Cr.) %
Total Pay (Rs. Cr.)
Stock Options (Rs. Cr.)
Ultratech Cement O. P. Puranmalka Non-
Promoter MD 6.44 78% 1.84 22% 8.28 1.10
Ultratech Cement Dilip Gaur* Non-
Promoter Deputy MD 1.45 100% - 0% 1.45 0.18
Ultratech Cement Kumar Mangalam Birla
Promoter NED Chair - 0% 19.04 100% 19.04 -
Vedanta Naveen Agarwal Promoter Chairman 10.37 73% 3.75 27% 14.12 0.96
Vedanta Tom Albanese Non-
Promoter MD 5.80 100% - 0% 5.80 -
Vedanta Tarun Jain Non-
Promoter ED 7.28 81% 1.75 19% 9.03 1.96
Vedanta D. D. Jalan Non-
Promoter ED 3.28 79% 0.85 21% 4.13 1.07
Wipro Azim H. Premji Promoter MD 1.58 33% 3.20 67% 4.78 -
Wipro T. K. Kurien Non-
Promoter ED 7.13 78% 1.98 22% 9.11 Yes(*)
Wipro S. C. Senapaty Non-
Promoter ED 2.10 62% 1.27 38% 3.37 -
Yes Bank Rana Kapoor Promoter MD 4.70 100% - 0% 4.70 -
Zee Entertainment Punit Goenka Promoter MD 5.07 100% - 0% 5.07 -
Zee Entertainment Subodh Kumar Non-
Promoter VC 3.57 100% - 0% 3.57 -
* The Director was on the Board for part of FY-2015
Yes(*): Monetary value of Stock Options is not provided
PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 36
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PAY-RATIO DISCLOSURES BY NIFTY COMPANIES
NOVEMBER 2015 PAGE 40