Tata Steel Managing Director (India and South East Asia) T V Narendran took home a salary of Rs 8.17 crore in 2016-17, an increase of 11.87 per cent from Rs 7.3 crore in the previous year, according to the company’s annual report. Group Executive Director (Finance, Corporate and Europe) Koushik Chatterjee’s remuneration for the last fiscal too increased by 10.06 per cent to Rs 8.09 crore from Rs 7.36 crore in 2015-16, it added.
Company Secretary Parvatheesam K received a hike of 24.98 per cent with his remuneration rising to Rs 1.53 crore last fiscal, as compared to Rs 1.22 crore in the preceding fiscal. During the year, there has been no exceptional increase in remuneration for key managerial personnel (KMP), Tata Steel said in its Annual Report 2016-17. Tata Steel, which saw its net loss widen to Rs 4,168.57 crore last fiscal from Rs 497.09 crore in the previous year, said the average percentage increase in salary of its employees, excluding the KMPs, in FY17 was 6.60 per cent.
Independent directors of the company, except for Nusli Wadia who was voted out from the board by shareholders in December last year, saw their remuneration rise between 6.28 per cent and 77.95 per cent. According to Tata Steel’s annual report, independent director Jacobus Schraven who retired in February, drew Rs 75.60 lakh, up 17.39 per cent. Subodh Bhargava, who also retired in March, received Rs 1.20 crore, an increase of 6.18 per cent, while Mallika Srinivasan’s remuneration jumped by 77.95 per cent to Rs 93.60 lakh, it added.
Another independent director O P Bhatt had a remuneration of Rs 1.29 crore during the fiscal, up 16.44 per cent from the previous fiscal. Similarly, Andrew Robb had a remuneration of Rs 77.70 lakh, up 13.27 per cent the previous fiscal, the report said. Non-executive directors Ishaat Hussain and D K Mehrotra received Rs 1.30 crore and Rs 75.20 lakh, respectively during the year. The two had received Rs 1.17 crore and Rs 54.10 lakh respectively in the preceding fiscal.