New Delhi:
The shareholders of Bharti Airtel have approved the re-appointment of Gopal Vittal as the Managing Director of the company for a period of five years with effect from February 1, 2023.
The telco said in a regulatory filing on the outcome of its annual general meeting (AGM), more than 97 percent of the total votes polled were in favor of the proposal, and the same “has been passed with the requisite majority”.
The shareholders also approved a special resolution relating to payment of remuneration to Mr. Vitthal as Managing Director and CEO of the company, with 89.57 per cent votes in favor and 10.42 per cent against the proposal.
“Therefore the above motion is passed with requisite majority,” the filing said.
The company’s AGM was held on 12 August 2022 (Friday).
According to the notice of the AGM dated July 21, 2022, shareholders’ approval “for re-appointment of Gopal Vittal as Managing Director (designated as Managing Director and CEO) for a period of five (5) years with effect from February 1, 2023, liable to retire by rotation…” Vithal reappointed as Managing Director and CEO for a period of 5 years (up to January 31, 2023) with effect from February 1, 2018 it was done. His reappointment was for a further period of five years (i.e. from February 1, 2023 to January 31, 2028).
Giving details of the remuneration proposed to be paid to Vitthal, the AGM agenda circulated earlier mentioned the salary of Rs 9.6 crore per annum or any other amount as may be determined by the Board of Directors of the company, provided that increment, 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 salary (Performance Linked Incentive) to be paid annually after the end of the financial year is Rs 6.2 crore (100 Percentage on performance).The total variable pay shall not exceed 90 per cent of the annual fixed pay for any financial year.
For 2021-22, Mr. Vittal’s fixed salary (excluding perquisites) apart from a variable salary component, stood at Rs 9.1 crore.
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