As the global economic downturn takes toll on pay packets, Indian IT major Wipro's chief Azim Premji seems to be leading by example as he has taken a cut of about 10 per cent in his annual compensation.
The total remuneration paid to Premji dipped by USD 32,414 (about Rs 14 lakh) in the fiscal year 2008-09 to USD 2,96,142 (about Rs 1.37 crore).
India's third largest IT exporter, listed at New York Stock Exchange, had paid a total remuneration of USD 3,28,556 to its Chairman in the previous fiscal.
However, the company has paid higher remuneration to many of its other executive directors and senior management personnel in 2008-09, according to its annual report filing with the US market regulator SEC. The compensation paid to the non-executive directors also increased.
For its non-employee directors, Wipro said, the attendance fee was raised to Rs 20,000 per meeting with effect from August 1, 2008, from Rs 10,000 previously. Besides, the company paid a total of Rs 1.46 crore as commission to them in 2008-09, up from about Rs 86.02 lakh in the previous year.
The pay package for executive directors like Suresh Senapaty, Pratik Kumar, Suresh Vaswani and Girish S Paranjape also rose in 2008-09.