Bharti Airtel's shareholders have approved the re-appointment of Gopal Vittal as managing director of the company for a period of five years with effect from February 1, 2023.
Over 97 per cent of total votes polled were in favour of the resolution, and the same "has been passed with requisite majority", the telco said in a regulatory filing on the outcome of its Annual General Meeting (AGM).
The shareholders also approved a special resolution related to payment of remuneration to Vittal as managing director and CEO of the company, with 89.57 per cent votes in favour and 10.42 per cent against the proposal.
"Therefore the above resolution has been passed with requisite majority," the filing said.
The AGM of the company was held on August 12, 2022 (Friday).
As per the notice of AGM dated July 21, 2022, shareholders' nod was sought for "re-appointment of Gopal Vittal as Managing Director (designated as Managing Director and CEO) for a further period of five (5) years with effect from February 1, 2023, liable to retire by rotation..."
Vittal was re-appointed as the managing director and CEO with effect from February 1, 2018 for a period of 5 years, (upto January 31, 2023). His re-appointment was due for another term of five years (that is from February 1, 2023 to January 31, 2028).
The AGM agenda circulated earlier, giving out the details of the proposed remuneration to be paid to Vittal, mentioned the fixed pay to be Rs 9.6 crore per annum "or such other amount as may be determined by the Board of Directors of the company, provided that increment, if any, during the subsequent years, shall not exceed 15 per cent per annum of the fixed pay of preceding financial year."
It further said the variable pay (Performance Linked Incentive) to be paid annually after the end of the financial year is Rs 6.2 crore (at 100 per cent performance). The total variable pay shall not exceed 90 per cent of the annual fixed pay for any financial year, it added.
For 2021-22, Vittal's fixed pay (excluding perquisites) stood at Rs 9.1 crore, in addition to a variable pay component.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app