Bharti proposes Rs70-crore pay package for Sunil Mittal

Bharti Airtel today sought shareholders' approval for a hike in the annual pay package of its managing director Sunil Mittal to Rs70 crore, besides other benefits.

The pay includes total fixed pay (inclusive of salary, allowances and retirement benefits) of up to Rs20 crore per annum besides variable pay (performance- linked incentives) of up to 200 per cent of the annual fixed pay in a financial year and also perquisites worth up to 50 per cent of the fixed pay.

Mittal would also be entitled to other benefits like leave encashments and reimbursements of all "legitimate expenses incurred by him in performance of his duties".

The proposed package would be more than double Mittal's last year's pay package of Rs27.5 crore, which is nearly 76 per cent of the combined pay package of all of the company's directors in fiscal ended 31 March 2011.

Mittal's remuneration had risen by about Rs4 crore, or 17 per cent, from his 2009-10 fiscal's package of Rs23.5 crore, as per Bharti Airtel's annual report released today.

Sunil Mittal said telecom tariffs have now stabilised after the bitter price war, but regulatory concerns remained.