The annual remuneration of ITC Chairman and Managing Director Sanjiv Puri went up by 47.23 per cent to Rs 10.10 crore in 2020-21, according to the company's latest annual report.
This increase is based on the revised salary structure, approved by the company's shareholders in September 2019, when he took over as its chairman.
Puri, who took over as the company's chairman and managing director from May 13, 2019, had a remuneration of Rs 6.86 crore in 2019-20.
His FY21 remuneration includes a basic/consolidated salary of Rs 2.64 crore, perquisites/other benefit of Rs 48 lakh, performance bonus and long-term incentives of Rs 6.98 crore, according to the report.
ITC, which followed a mix of salary and ESOPs (employee stock option scheme) as remuneration structure, had to change it after British American Tobacco (BAT), a shareholder in the company, opposed it in 2018 to prevent dilution of its shareholding.
Subsequently, the compensation of key managerial personnel, including the chairman and managing director and the wholetime directors, was restructured, which was approved by the shareholders in September 2019.
Accordingly, the increase in Puri's remuneration for 2019-20 was only for part of the year; while in FY2020-21, it took into account the effect for the entire year.
After Puri, the second-highest paid employee of the company was Nakul Anand, ITC's wholetime director on the board, whose salary also went up 30.64 per cent in FY21.
Anand, who oversees hospitality, travel and tourism, and lifestyle retailing businesses of ITC, had a remuneration of Rs 5.50 crore in FY21 as against Rs 4.21 crore of FY20.
Similarly, the remuneration of B Sumant, whole-time director and overseeing the FMCG business of the company including cigarettes, was up almost two-folds to Rs 4.84 crore in 2020-21 from Rs 2.32 crore in the previous year.
The annual remuneration of Rajiv Tandon, ITC's wholetime director and the person responsible for finance, accounting, internal audit and IT functions and also for the investment subsidiaries of the company, was up 38 per cent to Rs 4.83 crore in FY21 as against Rs 3.50 crore of FY20.