News Desk: Reliance Industries Ltd (RIL) chief Mukesh Ambani has decided to forgo Rs 23.82 crore from his annual salary of Rs 38.82 crore and take home only Rs 15 crore.


Ambani has been receiving Rs 15 crore as his annual salary since the fiscal 2008-09. In the latest report of the company for the year 2011-12, Ambani's total pay package stood at Rs 15 crore, but he is eligible for getting Rs 38.82 crore as per the shareholders' approval.


Ambani's move sets an example for moderation in managerial compensation levels.


However, the salaries of RIL's all top management employees and non-executive directors have been increased during the current fiscal year ended on March 31, 2012.


Ambani was also eligible for a salary of Rs 38.75 crore in the fiscal year 2010-11, but he took home only Rs 15 crore. He took the decision to cap salary at Rs 15 crore in October 2009 when the salaries of the CEOs were part of the debate.


He was India's top-paid executive in 2007-08. However, his remuneration dropped to Rs 15 crore for fiscal 2008-09, from over Rs 44 crore in 2007-08.


Even though, he capped his annual pay package at rs 15, he is still top paid executive in 2011-12 followed by directors Nikhil Meswani and Hital Meswani with total salary of Rs 10.99 crore each, PMS Prasad (Rs 5 crore) and Pawan Kumar Kapil (Rs 1.99 crore).


The RIL's top managerial salaries rose to Rs 44 crore in the current fiscal, from Rs 41 crore in the previous fiscal, while the remuneration of non-executive directors rose to Rs 1.85 crore, from Rs 1.68 crore in 2010-11.


The non-executive directors are getting fee of Rs 20,000 for attending each meeting apart from annual commission of Rs 21 lakh each. However, the total commission payable to them will stand at 1 % of the company's net profit.

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