Airtel's Shareholders Approve Gopal Vittal's Re-Appointment As Managing Director
Bharti Airtel's shareholders have approved the re-appointment of Gopal Vittal as managing director of the company for a period of five years with effect from February 1, 2023.
Over 97 per cent of total votes polled were in favour of the resolution, and the same "has been passed with requisite majority", the telco said in a regulatory filing on the outcome of its Annual General Meeting (AGM).
The shareholders also approved a special resolution related to payment of remuneration to Mr Vittal as managing director and CEO of the company, with 89.57 per cent votes in favour and 10.42 per cent against the proposal.
"Therefore the above resolution has been passed with requisite majority," the filing said.
The AGM of the company was held on August 12, 2022 (Friday).
As per the notice of AGM dated July 21, 2022, shareholders' nod was sought for "re-appointment of Gopal Vittal as Managing Director (designated as Managing Director and CEO) for a further period of five (5) years with effect from February 1, 2023, liable to retire by rotation..." Vittal was re-appointed as the managing director and CEO with effect from February 1, 2018 for a period of 5 years, (upto January 31, 2023). His re-appointment was due for another term of five years (that is from February 1, 2023 to January 31, 2028).
The AGM agenda circulated earlier, giving out the details of the proposed remuneration to be paid to Vittal, mentioned the fixed pay to be Rs 9.6 crore per annum "or such other amount as may be determined by the Board of Directors of the company, provided that increment, if any, during the subsequent years, shall not exceed 15 per cent per annum of the fixed pay of preceding financial year." It further said the variable pay (Performance Linked Incentive) to be paid annually after the end of the financial year is Rs 6.2 crore (at 100 per cent performance). The total variable pay shall not exceed 90 per cent of the annual fixed pay for any financial year, it added.
For 2021-22, Mr Vittal's fixed pay (excluding perquisites) stood at Rs 9.1 crore, in addition to a variable pay component.Â
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
