FMCG major Hindustan Unilever Ltd.s Managing and Chief Executive Officer Sanjiv Mehta took home a remuneration of Rs 14.20 crore last fiscal, despite no increase in his salary from previous year. The company's CFO PB Balaji received a salary of Rs 8.33 crore for the period under review, although he too did not get a hike last fiscal.
According to the company's Annual Report for 2016-17, the ratio of Mehta's renumeration to the median renumeration of employees stood at 138.44 percent and that of Balaji stood at 81.36 percent.
HUL Executive Director, Supply Chain Pradeep Banerjee and Executive Director, Legal & Corporate Affairs and Company Secretary Dev Bajpai received hikes of 8 percent each in their salaries and took home Rs 4.75 crore and Rs 4.69 crore respectively. In the case of Banerjee and Bajpai, the ratio of renumeration to median renumeration of employees was at 46.48 percent and 45.93 percent respectively.
Stating that the increase reflected the market practice, HUL said, "The renumeration paid during the year is as per the renumeration policy of the company."
However, the percentage increase in the median remuneration of the company's employees for the financial year was 3.42 percent only. The company had 5,976 permanent employees on its roll as on March 31, 2017.
Average percentage increase in the salaries of employees other than the managerial personnel in FY16-17 stood at 5.57 percent whereas the increase in the managerial remuneration was 3.1 percent. The average increases every year is an outcome of the company's market competitiveness as against its peer group companies, the company said.
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