Maruti Suzuki India managing director and chief executive officer Shinzo Nakanishi's remuneration is among the lowest compared to other chiefs of private sector firms that form the part of BSE 30-stock benchmark, Sensex.
Nakanishi had a total pay package of Rs 2.8 crore (Rs 28 million) last fiscal ended March 31, 2012, slightly higher than Rs 2.4 crore (Rs 24 million) in the previous year, as per Maruti Suzuki's latest annual report for 2011-12.
His remuneration in 2011-12 included salary and perquisites worth Rs 2.01 crore (Rs 20.1 million) and performance-linked bonus of Rs 80.3 lakh (Rs 8.03 million), while he was not paid any commission by Maruti Suzuki, the country's leading carmaker.
Earlier, his pay package was incorrectly reported as Rs 28.14 crore (Rs 281.4 million).
Among the 30 Sensex companies, those with a lower remuneration mostly included public sector companies, as also some IT firms like Infosys' [ Get Quote ] S D Shibulal and Wipro's [ Get Quote ] Azim Premji.
At another private sector firm Tata Power [ Get Quote ], there was a change at the position of Managing Director mid-way during the year and therefore the figures are not comparable.
For Dr Reddy's Labs, the individual pay package of its business head could not be ascertained, as the company has only disclosed total remuneration of all Executive Directors in its annual report.
The total remuneration for its EDs rose by 3.4 per cent to Rs 27.1 crore (Rs 271 million).
A majority of the country's top-30 blue chip companies gave their chiefs a hefty pay hike, even as industry titans like Mukesh and Anil Ambani, Kumar Mangalam Birla and Sunil Mittal either capped their salaries or took a cut in their remuneration packages.
Among Sensex firms, the pay package was highest at Rs 73.42 crore (Rs 734.2 million) for Jindal Steel & Power's chief Naveen Jindal, making him the country's highest-paid executive as well for second consecutive year in 2011-12.