The shareholders of Bharti Airtel approved the re-appointment of Gopal Vittal as the company’s chief executive officer for a period of five years, effective February 1, 2023.
More than 97 percent of the total votes polled supported the resolution and the same “passed with the necessary majority”, Airtel said in a regulatory filing on the outcome of the Annual General Meeting (AGM).
Shareholders also approved a special resolution regarding the remuneration of Vittal as CEO and CEO of the company, with 89.57% of the votes in favor and 10.42% of the votes. oppose the proposal.
“Therefore, the above resolution was passed with the necessary majority,” the filing said.
The company’s AGM was held on Friday (August 12).
According to the notice of the General Meeting of Shareholders on July 21, 2022, the consent of the shareholders on the “re-appointment of Gopal Vittal as Chief Executive Officer (designated as Chief Executive Officer cum General Director) within a period of five years. (5) another year, effective from February 1, 2023, retiring according to the rotation regime … “Vittal has been re-appointed to the position of CEO cum General Director effective from February 1, 2020. 2018 with a term of 5 years (until January 31, 2023). His re-appointment has a term of another 5 years (ie from 1 February 2023 to 31 January 2028).
The AGM agenda was circulated earlier, detailing the proposed remuneration for Vittal, with mention of a fixed salary of Rs. 9.6 crore per year” or such other amount as may be determined by the Board of Directors of the company, provided that such increase, if any, in subsequent years, shall not exceed 15 per cent per annum of fixed salary of the previous financial year.” It also indicates the variable pay (Performance Linked Incentive) payable annually after the end of the financial year which is Rs. 6.2 crore (at 100 percent efficiency). The total variable payable will not exceed 90 percent of the annual fixed payment for any financial year, it added.
For 2021-22, Vittal’s fixed salary (excluding mandatory conditions) stands at Rs. 9.1 crore, in addition to the variable salary component.