New Delhi:
The shareholders of Bharti Airtel approved the re-appointment of Gopal Vittal as the company’s chief executive officer for a period of five years, effective February 1, 2023.
More than 97% of the total votes polled supported the resolution and the like “passed with the necessary majority”, the telecom said in a regulatory filing on the results of the Annual General Meeting of Shareholders. (AGM).
The shareholders also approved a special resolution regarding the remuneration of Mr. Vittal as CEO cum CEO of the company, with 89.57% votes in favor and 10.42 % against the proposal.
“Therefore, the above resolution was passed with the necessary majority,” the filing said.
The company’s AGM will be held on August 12, 2022 (Friday).
According to the notice of the General Meeting of Shareholders on July 21, 2022, the consent of the shareholders on the “re-appointment of Gopal Vittal as Chief Executive Officer (designated as Chief Executive Officer cum General Director) within a period of five years. (5) another year, effective from February 1, 2023, retiring according to the rotation regime … “Vittal has been re-appointed to the position of CEO cum General Director effective from February 1, 2020. 2018 with a term of 5 years (until January 31, 2023). His re-appointment has a term of another 5 years (ie from 1 February 2023 to 31 January 2028).
A previously circulated AGM program, detailing the proposed remuneration to be paid to Vittal, refers to a fixed payment of Rs 9.6 crore per year” or other amount that can be determined by the Board of Directors of the company, provided that such increase, if any, in subsequent years, shall not exceed 15% per annum of the fixed salary of the preceding fiscal year.” It also gives know the variable payout (Performance Linked Incentive) payable annually after the end of the financial year is Rs 6.2 crore (at 100% performance). The total variable payable will not exceed 90% of the annual fixed payment for any financial year, it added.
For 2021-22, Mr. Vittal’s fixed salary (excluding mandatory) stands at Rs 9.1 crore, in addition to the variable salary component.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
