Shibulal not among the top 10 paid executives at Infosys
Updated: May 15, 2013 18:21 IST
A key document (Form 20-F) filed by Infosys with the U.S. Securities and Exchange Commission reveals that the CEO of India's second biggest IT firm earns substantially less than some of his subordinates. Ten executives earned more than what Chief Executive Officer S.D. Shibulal took home as base salary (excluding other benefits such as incentive and bonus) in the last fiscal.
Neither Mr Shibulal nor executive co-chairman S. Gopalakrishnan figure in the top 10 highest paid executives of Infosys. The duo earned $66,311 (Rs. 36 lakh) each as base salary for the fiscal year 2012-13.
The duo's annual compensation, however, stood at nearly $119,776 each (or around Rs. 65 lakh) for 2012-13. This included bonus and incentive of $15,920, other compensation of $22,430 and long term benefits of $15,115.
Compare that to the salary of Stephen R. Pratt, senior vice president and managing partner of Infosys' famed consulting and systems integration vertical. Mr Pratt was the highest-paid Infosys executive in 2012-13. Mr Pratt, who is also a member of Infosys' Executive Council, received a total compensation of $2.13 million (over Rs. 11 crore). He received over $1.3 million in bonus/incentive, the largest at Infosys.
Mr Pratt's salary is comparable to some of the top notch non-promoter chief executives in India. Hindalco's managing director Debu Bhattacharya's earned Rs. 19.5 crore (2011-12). Promoter CEOs such as Naveen Jindal received over Rs. 73 crore in compensation in 2011-12, while Reliance Industries' billionaire chief Mukesh Ambani, who is entitled to Rs. 39 crore in compensation, has kept his annual salary capped at Rs. 15 crore for the fifth year in a row.
Ashok Vemuri, director and head of Americas and global head of manufacturing and engineering services, was the highest paid Indian executive at Infosys with a total compensation of $904,378 (nearly Rs. 5 crore). His base salary was $708,000.
B.G. Srinivas (on the left), the global head of financial services and the insurance vertical received an annual compensation of $869,035 (over Rs. 4.5 crore). Mr Srinivas, who is also the director and head of Europe at Infosys, received a salary of $593,983 and $170,674 in bonus/incentive.
Prasad Thrikutam, senior vice president and global head of energy, utilities, communications and services vertical received an annual compensation of $418,980 (over Rs. 2.25 crore). Mr Thrikutam, whose base salary is $226,235, is also a member of the Executive Council at Infosys.
Infosys new chief financial officer Rajiv Bansal received an annual compensation of $59752 (nearly Rs. 32 lakh), while former CFO V. Balakrishnan, currently director and head of Infosys BPO, Finacle and India business unit, took home a total compensation of $369,698 (over Rs. 2 crore).
It is important to note that while Mr Shibulal and Mr Gopalakrishnan took home smaller salaries, they (along with their families) hold 2.2 per cent and 3.41 per cent respectively in Infosys. As a result of their substantial shareholding, each of them would have likely earned more than Mr Pratt and the others in total.
In fiscal 2013, Infosys' non-executive directors were paid an aggregate of $1.43 million (over Rs. 7.7 crore). Directors are also reimbursed for certain expenses in connection with their attendance at Board and committee meetings. Executive directors do not receive any additional compensation for their service on the Board.
