Third year in a row RIL Chairman Mukesh Ambani draws no salary

New Delhi: In June 2020, Mukesh D. Ambani, the Chairman and Managing Director, Reliance Industries had voluntarily decided to forego his salary for year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.

He continued to forego his salary in year 2021-22 as well as in year 2022-23.

In all these three years, Mukesh Ambani did not avail any allowances, perquisites, retiral benefits, commission or stock options from Reliance for his role as the Chairman and Managing Director.

Prior to that, the Chairman and Managing Director had his salary capped at Rs 15 crore since 2008-09 in order to set a personal example of moderation in managerial compensation levels.

Reliance Industries is one of India’s largest contributors to the national exchequer. Reliance’s consolidated contribution to the national exchequer crossed Rs 5 lakh crore in the three years from FY21 to FY23.

Reliance’s contribution to national exchequer stood at Rs 177,173 crore in FY23, marginally down from Rs 188,012 crore of FY22.

The company continues to be the largest taxpayer in India, contributing Rs 1,77,173 crore to the national exchequer by way of various direct and indirect taxes, mentioned the annual report.

This was over 5 per cent of Indian government’s budgeted expenditure for last three years

Reliance Industries Limited issued its Annual Report for FY23 on Saturday.

The company will be holding its Annual General Meeting on Monday, August 28.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.