Wipro Ltd. is set to request approval from shareholders for the re-election of Azim H Premji and his son Rishad Premji to the company's board for a five-year term, as stated in a regulatory document released on Monday.
The Wipro board has given assent for Azim Premji to continue as a non-executive, non-independent director and for Rishad Premji to serve as a whole-time director with the title of executive chairman. This decision was made on April 19 and their appointments will be effective from July 31, 2024, to July 30, 2029, spanning a five-year period.
"The Seventy Eighth Annual General Meeting (AGM) of Wipro Ltd. will be held on Thursday, July 18, 2024 ... To consider appointment of a Director in place of Mr. Azim H. Premji who retires by rotation and being eligible, offers himself for reappointment' and 'Re-appointment of Rishad A. Premji as a Whole Time Director of the Company," the filing said.
The board had approved remuneration of Rishad Premji in the range of Rs 5 crore to Rs 12 crore per annum, which is 11-33% higher compared to pay approved in the previous five-year cycle.
The board has approved remuneration of up to Rs 1 crore for Azim Premji besides Rs 1 lakh sitting fees, reimbursement business expenses, etc.
Wipro will seek approval on the proposals approved by the board at the AGM on July 18, according to the filing.
(With inputs from PTI)
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