The corporate stated that the board of administrators on Monday mentioned the result of the thirty ninth annual common assembly held on August 17, 2021, the place Lal’s re-appointment had been rejected.
“The Nomination and Remuneration Committee (NRC) of the corporate has thought of all of the components, together with inputs from varied stakeholders together with institutional traders earlier than recommending remuneration for key managerial individuals. The first concern with traders was not Siddhartha’s reappointment as MD or the proposed compensation; it was the dearth of readability relating to the enabling provision that probably allowed fee of remuneration as much as 3% of income,” Eicher Motors chairman S Sandilya stated.
During the last 4 years, the corporate has had the identical restrict of three%, however in actuality have paid solely a fraction of that quantity, he added.
“The precise remuneration throughout FY2021 was at 1.04% of income, with the previous years being at a decrease share,” Sandilya stated.