Mukesh Ambani, India’s richest man with an estimated wealth of $20 billion, is voluntarily taking a 67% pay cut, capping his compensation at $3.3 million this year “to set a personal example of moderation,” according to a company press release. In March, his estranged younger brother Anil, who received $11.3 million in 2008, decided to forego all compensation this year.
The Indian Companies Act limits executive compensation, based on net revenues. India’s Minister of Corporate Affairs Salman Khurshid warned this month, “I don’t think anyone in India today, in politics or outside politics ... has reached the level of liberalism where vulgarity is also a fundamental right.” Two years ago, Prime Minister Manmohan Singh urged executives “to eschew conspicuous consumption” and “resist excessive remuneration.’’
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