Mukesh Ambani takes salary cut – reliance top management salaries capped

Mukesh Ambani takes salary cut trying to set a “personal example” of moderation in executive salaries. In a statement Reliance Industries on said that its chief Mukesh Ambani has decided to lower his pay package by nearly two-thirds to Rs 15 crore for 2008-09 from 44 crore last year. Reliance Industries also announced a new structure for salaries and remuneration of top executives wherein the pay packets would be capped, as against the prevailing system of commission linked to profits.

It can recalled that corporate affairs minister Salman Khursheed recently indicated that there should be regulation on salaries of CEOs and Boards and shareholders should decide the packages.

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