ITC for ~12-cr pay to Deveshwar

ITC Ltd, at its forthcoming annual general meeting, will be placing before its shareholders a proposal to approve a salary of ~12 crore per annum to Y C Deveshwar, its non-executive chairman. This is in addition to the salary he is entitled to as non-executive director of the company.

As per the company, non-executive directors are entitled to remuneration by way of commission for each financial year, ranging between ~30-60 lakh.

Apart from the proposed ~1 crore per month salary, it is proposed that Deveshwar will get a rent-free furnished accommodation, medical expenses for self and spouse and a chauffeur driven company car for personal use.

“In addition to coverage under personal accident insurance and sitting fees for attending the meetings of the board/committees thereof, Deveshwar would be entitled to remuneration by way of commission ranging between ~30 lakh and ~60 lakh for each financial year,” a company notice on the BSE said.

However, he will not be getting company’s stock option under his current mentorship role. Last year, he got 2,70,000 ordinary shares of ~1 each, which pulled up his total holding to 6,80,000 ordinary shares of ~1 each.

As per the company’s annual report of financial year 2016-17, Deveshwar had earned a salary of ~21.17 crore, of which ~17.99 crore (including ~4.10 crore towards leave encashment on retirement) was paid to him as the executive chairman till February 4 this year and another ~3.18 crore was paid as chairman and non-executive director from February 5, which is subject to shareholder’s approval.