New Delhi: FMCG major Hindustan Unilever Managing Director and CEO Sanjiv Mehta received a pay package of Rs 14.20 crore for the last fiscal, even with no increase in his salary from the previous year.
HUL Chief Financial Officer P B Balaji took home a salary of Rs 8.33 crore for the period under review, although he also did not get any raise in 2016-17. According to the company's Annual Report, the ratio of compensation of Mehta to median renumeration of employees stood at 138.44 per cent and that of Balaji at 81.36 per cent.
However, HUL Executive Director, Supply Chain, Pradeep Banerjee and Executive Director, Legal & Corporate Affairs and Company Secretary, Dev Bajpai received hikes of 8 per cent each in their salaries and took home Rs 4.75 crore and Rs 4.69 crore, respectively.
In the case of Banerjee and Bajpai, the ratio of their salaries to median renumeration of employees was at 46.48 per cent and 45.93 per cent, respectively. Stating that the increase reflected the market practice, HUL said: "The renumeration paid during the year is as per the renumeration policy of the company."
However, the percentage increase in the median remuneration of the company's employees for the financial year was 3.42 per cent only. The company had 5,976 permanent employee on its roll as on March 31, 2017.
Average percentage increase made in the salaries of the employees other than the managerial personnel in FY2016-17 was 5.57 per cent whereas the increase in the managerial remuneration was 3.1 per cent. The average increases every year is an outcome of the company's market competitiveness as against its peer group companies, the company said....