Vishal Sikka, CEO of Infosys, faces a staggering drop of 67% in his remuneration for the FY 17 as against his salary in FY16. The reduced remuneration is largely attributed to decrease in bonus payout by 70%.
As per the recent annual report of Infosys, Vishal Sikka's total compensation which also comprises retirement benefits and stock grants dropped by a meager 7% in the same period. His salary for the FY17 amounted to just Rs16.01 crore as against his salary of Rs48.73 crore in FY16. However, retiral benefits and stock grants for the FY17 stand at R45.11 crore as against Rs48.41 crore in the corresponding period last year.
For the FY17, Infosys CEO got restricted stock units valuing $2 million together with performance-based stock incentives of $2.88 million.
Sikka's total remuneration comprises chiefly the cash component that includes base salary, bonus payouts as well as additional benefits that accrue on account of the share sale.
Infosys CEO got a base salary amounting to $1 million and variable payout of $0.82 million as against the targeted amount of $3 million.
When compared with the benchmark MRE or median remuneration of employees in Infosys, Sikka's compensation was found to 283.07 times the MRE of Infosys employee. For the FY17, Infosys MRE was Rs5,65,585.
Other chief executives of the company also witnessed a similar reduction in their total remuneration including the COO of the company, UB Pravin Rao, Ravi Kumar, Rajesh K Murthy and M D Ranganath