Team Blitz India
NEW DELHI: Sixty-eight executives joined the crorepati club in FY24 at the cigarettes-to-hotels conglomerate ITC. This is an increase of 24.11 per cent over the previous financial year (FY23).
According to the company’s latest annual report, the number of executives drawing an annual remuneration of more than Rs 1 crore was 350 in FY24.
The figure includes some employees who received remuneration aggregating Rs 8.5 lakh or more per month and employed for a part of the year ended March 31, 2024.
In FY23, the number of employees in the Rs 1 crore-plus bracket had stood at 282. The addition in FY23 over FY22 was 62, reflecting an increase of 28 per cent.
The addition in the eight-figure bracket reflects the scale of ITC’s operations and spread in newer categories.
The remuneration policy of the company enunciated in the annual report says that it is “market-led and factors in the competitive context of each business.”
Performance against the sustainability goals of the company has also been included as a factor in assessing business performance, which, contributes to determining remuneration, the report mentioned.
The chairman and other executive directors are entitled to performance bonuses for each financial year up to a maximum of 300 per cent and 200 per cent of their basic/consolidated salary, respectively, as determined by the board on the recommendation of the Nomination and Compensation Committee.
