New Delhi:
The shareholders of Bharti Airtel have approved the reappointment of Gopal Vittal as director of the company for a period of five years effective February 1, 2023.
More than 97 percent of the total votes polled were in favor of the resolution, and the same “has been passed by the required majority,” the telco said in a regulatory filing on the outcome of the annual general meeting (AGM).
Shareholders also approved a special resolution regarding the payment of compensation to Mr. Vittal as chief executive officer and CEO of the company, with 89.57 percent voting in favor and 10.42 percent against the proposal.
“Therefore, the above resolution was passed with the required majority,” the filing said.
The AGM of the company was held on August 12, 2022 (Friday).
Pursuant to the convocation of the AGM of July 21, 2022, the nod of the shareholders was requested for “re-appointment of Gopal Vittal as General Manager (designated as General Manager and CEO) for another five (5) year term effective February 1 2023, due to retire by rotation…” Vittal was reappointed as Managing Director and CEO with effect from February 1, 2018 for a term of 5 years (until January 31, 2023). His reappointment was due for another five-year term (i.e. from February 1, 2023 to January 31, 2028).
The agenda of the AGM previously circulating, detailing the proposed compensation to be paid to Vittal, stated the fixed remuneration of Rs 9.6 crore per annum “or any other amount to be determined by the council.” of the company’s board of directors, provided that such increase, if any, during subsequent years, shall not exceed 15 per cent per annum of the fixed salary of the preceding financial year.” It further said that the variable remuneration (Performance Linked Incentive) to be paid annually after the end of the fiscal year is Rs 6.2 crore (on 100 percent performance). Total variable pay cannot exceed 90 percent of annual fixed pay for any fiscal year, it added.
For 2021-22, Mr Vittal’s fixed salary (excluding extras) was Rs 9.1 crore, in addition to a variable remuneration component.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)