Mukesh Ambani gets Bank of America shares as fees
12 April 2011
Bank of America has given Rs11 lakh worth of shares to Mukesh Ambani as part of annual retainer fee to the billionaire industrialist, who joined the US banking giant's board last month.
In accordance with the bank's director compensation policy Ambani may get a total of over Rs1 crore of annual compensation in cash and stocks. The bank has, however, yet to disclose its exact director fees for energy giant Reliance Industries' boss.
Ambani leads one of the biggest corporate groups in India with a presence spanning across energy, retail and telecom businesses and plans for entry into the financial services sector.
As chairman and managing director of RIL, Ambani drew Rs15 crore for the financial year ended 31March, 2010.
Ambani has decided to take a lower salary against the amount he is eligible for Rs39.36 crore, as per approval of shareholders, to reflect "his desire to set a personal example for moderation in managerial compensation levels." Ambani's salary for the fiscal ended 31March, 2011, is not yet known.
Meanwhile, Bank of America has informed the US market regulator SEC that Ambani has been allotted 1,835 Bank of America shares, worth over $24,500 ( Rs 11 lakh), to Ambani as a "portion of the annual retainer" payment to its directors.