Billionaire Mukesh Ambani’s children Akash, Isha and Anant Ambani were recently appointed to the board of directors of his mega-conglomerate Reliance Industries Ltd (RIL), and the company has now revealed that they will not be drawing in any salary at the new position.
As per a report by PTI, 31-year-old twins Akash Ambani and Isha Ambani and their younger brother Anant Ambani (28) will not be receiving any compensation as a part of the board of directors after a nod by the shareholders of RIL.
66-year-old billionaire Mukesh Ambani has not drawn any salary from Reliance since the financial year 2020-2021, and his children seem to be following his footsteps. The three Ambani heirs will only be receiving compensation for attending board meetings and committee meetings.
While Isha, Akash and Anant won’t be drawing in a major paycheck from Reliance as the board members of the company, other executive directors like their cousins Hital and Nikhil include a massive salary, allowances and commissions.
Not just Mukesh Ambani and his children, but his wife Nita Ambani had also joined the board of RIL in 2014 and her contract mirrored that of Isha, Akash and Anant Ambani, with no constant paycheck and only compensation for board and committee meetings.
According to the annual report of Reliance Industries, Nita Ambani earned a sitting fee of Rs 6 lakh and a commission of Rs 2 crore. It is expected that her children will also have a similar pay structure for the board meetings in the future.
As per the notice sent by RIL to the shareholders, the payment structure for Isha Ambani, Akash Ambani and Anant Ambani will include fees for attending board and committee meetings expense reimbursements for participation in meetings, and profit related commissions.
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