ITC chief Sanjiv Puri's remuneration jumps 53% to Rs 16.31 crore in FY23

ITC's Chairman and Managing Director, Sanjiv Puri, witnessed a substantial increase of 53.08% in his total remuneration for the financial year 2022-23, amounting to Rs 16.31 crore.

Puri's remuneration included a basic salary of Rs 2.88 crore, perquisites and other benefits worth Rs 57 lakh, and a performance bonus/long-term incentives/commission of Rs 12.86 crore, said the conglomerate in a stock exchange filing on Tuesday.

In the previous financial year, Puri's total remuneration stood at Rs 10.66 crore, comprising a basic salary of Rs 2.64 crore and perquisites and other benefits totalling Rs 49.63 lakh.

However, his performance bonus/commission for FY22 amounted to Rs 7.52 crore.

ITC has proposed a resolution for the re-appointment of Sanjiv Puri as a director and as Managing Director and Chairman for a period of five years or until an earlier date in compliance with the retirement policy, during the upcoming annual general meeting scheduled for August 11.

Puri was initially appointed as Managing Director on July 22, 2019, and his current term will conclude on July 21, 2024.

Following Sanjiv Puri, Nakul Anand ranks as the second highest-paid employee of ITC, receiving a total remuneration of Rs 8.18 crore for FY23.

B. Sumant follows closely with Rs 7.58 crore. Anand oversees the hospitality and travel & tourism businesses, while Sumant is responsible for the paperboards, paper and packaging, personal care, and education & stationery products divisions of the company.

According to ITC, the remuneration of Key Managerial Personnel (KMPs) increased by 28 per cent due to revisions in remuneration and the payment of long-term incentives during the year.

Moreover, in FY23, the number of individuals earning a salary exceeding Rs 1 crore per annum surpassed 245, compared to approximately 220 employees in FY22.

In terms of employee remuneration, the median remuneration decreased by three per cent while the average remuneration increased by six per cent in comparison to the previous financial year.

Sanjiv Puri's remuneration ratio stands at 326:1 concerning the median remuneration of all employees.

As of March 31, 2023, ITC had a total of 23,725 permanent employees.

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