Tata Motors reduced pay of key executives in last fiscal

Mumbai: Automobile major Tata Motors’ whole-time directors and key managerial personnel saw a downward revision in their remuneration during last fiscal, the company’s annual report said. [caption id=“attachment_3299684” align=“alignleft” width=“380”]  Representative image. Reuters[/caption] According to the Annual Report for 2016-17, remuneration of its Executive Director Ravi Pisharody, who has recently quit the company had decreased by 17 percent to Rs 2.3 crore in 2016-17. Similarly, ED Satish Borwankar’s had come down by 12 per cent to Rs 2.14 crore, whereas the company’s CEO and Managing Director Guenter Butschek received more than Rs 22.55 crore during the period under review. “Guenter Butschek joined on February 15, 2016 hence percentage increase in the remuneration is not comparable,” the company’s 72nd Annual Report said. As per the report, key managerial personnel like Chief Financial Officer C. Ramakrishnan’s remuneration fell by two percent, while the salary of Hoshang Sethna, Company Secretary’s decreased by six percent. In the report, N. Chandrasekaran, Chairman, Tata Motors said: “Our consolidated net revenues declined by 1.2 percent to Rs 269,850 crore for the 12 months to 31 March, 2017.”