Bank of America paid Mukesh Ambani, head of RIL, a director's compensation for 2012 of USD 240,000. Ambani would be giving up the position next month and join the bank's new, non-fiduciary global advisory council.
However, Ambani was paid a higher compensation of USD 276,816 by the bank in the previous year, 2011.
Ambani joined Bank of America's board as an independent director in March 2011, but would step down from this position at the company's next Annual Meeting of shareholders on May 8. \ Ambani is a member on the Credit Committee and the Compensation and Benefits Committee of its board.
As per the shareholder notice, Ambani's compensation for 2012 included USD 80,000 as 'fees earned or paid in cash' and USD 160,000 as stock awards.
As on March 13, 2013, Ambani held a total of 31,265 shares of the bank, which have been given so far to him as part of his director compensation.