The annual remuneration figures of prominent non-executive directors have been disclosed, revealing lucrative amounts of money and demonstrating the continuing high value of experienced leadership in corporations.
In a riveting revelation, Tech Mahindra, a pioneer in the technology sector, has disclosed the annual remuneration of its esteemed non-executive directors for the Financial Year 2022-23. The figures, which are inclusive of the perquisite value of stock options exercised, are presented in lakhs and make for a captivating read.
Here are the details:
- Anand Mahindra, a stalwart in the industry, tops the chart with a colossal commission of INR 1,39.7 lakhs.
- Dr. Anish Shah, known for his astute leadership, received a substantial amount of INR 82.1 lakhs.
- Haigreve Khaitan and Ms. M. Rajyalakshmi Rao, prominent figures in the tech industry, received INR 90.4 lakhs and INR 82.2 lakhs, respectively.
- Manoj Bhat, Ms. Penelope Fowler, and Ms. Shikha Sharma, each drew in INR 90.4 lakhs, reflecting the value of their strategic inputs.
- Dr. Mukti Khaire, recognized for her deep industry knowledge, received a commission of INR 94.5 lakhs.
- T. N. Manoharan, a veteran in the corporate world, earned a handsome sum of INR 98.6 lakhs.
These figures speak volumes about the high-value Tech Mahindra places on experience and strategic guidance. The remunerations are indicative of each director’s contributions towards the company’s growth and success.
Particularly noteworthy is Anand Mahindra’s highest commission, which underlines his significant contributions and the immense faith Tech Mahindra places in his leadership.
The remuneration details of the non-executive directors at Tech Mahindra:
| Name | Commission (in INR Lakh) |
|---|---|
| Mr. Anand Mahindra | 1,39.7 |
| Dr. Anish Shah | 82.1 |
| Mr. Haigreve Khaitan | 90.4 |
| Ms. M. Rajyalakshmi Rao | 82.2 |
| Mr. Manoj Bhat | 90.4 |
| Dr. Mukti Khaire | 94.5 |
| Ms. Penelope Fowler | 90.4 |
| Ms. Shikha Sharma | 90.4 |
| Mr. T. N. Manoharan | 98.6 |
In an era marked by economic fluctuations and global challenges, Tech Mahindra’s robust investment in its leadership signals its firm commitment to navigating the choppy waters of the tech industry and emerging victorious.
Please note that the mentioned remuneration includes the perquisite value of the stock options exercised during the FY 2022-23. The disclosed figures are subject to further auditing and regulatory oversight.
*The remuneration of Ms. Penelope Fowler is based on the conversion rate on the date she received the payment, as she is an international member of the board.
*The disclosed figures are subject to auditing and regulatory oversight, further demonstrating the company’s commitment to transparency and good governance.
Tech Mahindra’s CEO CP Gurnani takes 50% pay cut in Fiscal Year 2023
In a noteworthy development at Tech Mahindra, CEO CP Gurnani witnessed a substantial 50% drop in his annual compensation in fiscal 2023, amassing Rs. 32 crore as compared to Rs. 63.4 crore in the preceding fiscal year. This substantial decrease is attributed to Gurnani’s decision to utilize fewer stock options.
The annual report from Tech Mahindra paints a detailed picture of this significant shift in Gurnani’s earnings for fiscal 2023. His earnings, which included salary and other benefits, were nearly halved from the previous year’s Rs. 63.4 crore to Rs. 32 crore. This pivot was reportedly sparked by Gurnani’s decision to curb the number of stock options he exercised.
According to the report, Gurnani’s earnings from the Employee Stock Option Plans (ESOP) for fiscal 2023 were approximately Rs. 25.6 crore, a noticeable decline from the whopping Rs. 58.8 crore in fiscal 2022. Gurnani, in his address to the shareholders encapsulated within the annual report, underlined the influence of geopolitical uncertainties, inflation, and recession that have led to a slowdown in enterprise tech expenditure. Amid these challenging times, he stressed the mounting need for corporations to economize resources and rationalize costs.
Gurnani highlighted the ongoing turbulence and rapid changes shaping the broader macroeconomic landscape, stating, “Change is difficult but inevitable. It’s been 14 years since I embarked on my role as the MD and CEO of Tech Mahindra, and now it is time to step back.”
Notably, the downturn in remuneration wasn’t unique to Gurnani. The company’s managerial personnel also faced a hefty decrease in their total earnings during the previous fiscal year, marking a 41% dip. This slump in compensation was linked to lesser utilization of stocks under the ESOP scheme.
(Source: Annual Report 2022-23)
