Sanjiv Puri, the chairman and managing director of diversified conglomerate ITC Ltd was reappointed as the director and as the managing director and chairman of the company for a period of five years, with effect from 22 July 2024. His current tenure will end on 21 July 2024, the company said in a regulatory filing. “The Board, on the recommendation of the Committee, has also recommended for the approval of the Members, re-appointment of Mr. Puri as a Director, not liable to retire by rotation, and as the Managing Director & Chairman of your Company for a period of five years with effect from 22nd July, 2024,” it said.
The total remuneration of Sanjiv Puri was also increased 53.08 per cent to Rs 16.31 crore for the financial year 2022-23. He drew a basic salary of Rs 2.88 crore, prerequisites and other benefits of Rs 57.38 lakh, and performance bonus/ long term incentives/ commission of Rs 12.88 crore for FY 2022-23. During the previous year, Sanjiv Puri was drawing a salary of Rs 10.66 crore, wherein the basic salary was Rs 2.64 crore, perquisites and other benefits was at Rs 49.63 lakh, and performance bonus/ commission was Rs 7.52 crore.
Sanjiv Puri was appointed as a Wholetime Director on the Board of ITC with effect from December 6, 2015, Chief Executive Officer in February 2017 and re-designated as the Managing Director in May 2018. He was appointed as the Chairman on May 13, 2019. He had joined ITC in January 1986.
According to the annual report of the company, the remuneration of the Chairman and the other Executive Directors is determined by the Board on the recommendation of the Nomination & Compensation Committee. “The Chairman and the other Executive Directors are entitled to performance bonus for each financial year up to a maximum of 300 per cent and 200 per cent of their basic/ consolidated salary, respectively, as may be determined by the Board on the recommendation of the Nomination & Compensation Committee,” the company said. The chairman and other Executive Directors are also eligible for long term Incentives, it added. Also, the maximum annual value of such long term incentives is 0.10 per cent and 0.05 per cent for the chairman and each of the other executive directors, respectively, of the net profits of the company for the immediately preceding financial year.
After Sanjiv Puri, Nakul Anand is the second highest-paid employee of ITC with a total remuneration of Rs 8.18 crore for FY23, followed by B Sumant with a salary of Rs 7.58 crore. While Anand oversees the hospitality and travel & tourism businesses of ITC, Sumant oversees the paperboards, paper and packaging as well as the personal care and education and stationery products businesses of the company.
According to the annual report, compared with the financial year 2021-22, the median remuneration of employees has decreased 3 per cent, while the average remuneration of employees has increased by 6 per cent.