MUMBAI: The covid-19 pandemic and the consequent nationwide lockdown has ravaged businesses and Reliance Industries Ltd (RIL), India's largest company by market capitalisation, is also feeling the heat.
To mitigate the impact on business, billionaire Mukesh Ambani, chairman and managing director RIL, has decided to forgo his entire compensation of ₹15 crore till the pandemic abates.
Ambani's compensation has remained frozen at ₹15 crore since 2009 as he had tried to set a personal example for moderation in managerial compensation.
Effective 1 April, the company's board of directors, executive directors and senior leaders will forgo 30-50% of their compensation.