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.
More than 97 percent of the total votes polled were in favor of the motion, and the same was “passed with the requisite majority”, Airtel said in a regulatory filing on the outcome of its Annual General Meeting (AGM).
The shareholders also approved a special resolution relating to payment of remuneration to 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 Friday (August 12).
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 had mentioned the fixed salary to be Rs. 9.6 crore per annum” or such other amount as may be prescribed by the Board of Directors of the company, provided that the increase, if any, during subsequent years, shall not exceed 15 per cent per annum of the fixed salary of the previous financial year It further said that the Variable Salary (Performance Linked Incentive) to be paid annually after the end of the financial year will be Rs. 6.2 crore (at 100% performance). The total variable pay shall not exceed 90 per cent of the annual fixed pay for any financial year.
For 2021-22, Vittal’s fixed salary (excluding perquisites) will be Rs. 9.1 crore, in addition to a variable salary component.