Salil Parekh, CEO of Infosys, saw his annual compensation package increase to Rs 49.68 billion between 2020 and 21, with more than half of the total coming from the exercise of stock options. Parekh’s compensation in 2019-20 was 34.27 rupees.
The company’s annual report for 2020-21 showed that its compensation included Rs. 6.07 billion in salary, Rs. 12.62 billion in bonus, incentive or variable compensation, and Rs. 30.99 billion in fringe benefits due to stock options exercised.
Infosys Chairman Nandan Nilekani voluntarily chose not to receive any compensation for his services provided to the company over the 2020-21 period, the report said. The remuneration of Chief Operating Officer UB Pravin Rao increased 63 percent to 17.33 billion rupees in fiscal year 21 compared to 10.6 billion rupees in the previous fiscal year.
The percentage increase in compensation in fiscal year 2021 compared to fiscal year 2020 (excluding the value of the share incentive exercised during the course of the year) was 8 percent for Parekh and 14 percent for Rao, according to the report. Our customers have expanded their work with us, especially in the areas of digital and cloud.
“The capabilities we’ve built over the past three years, including differentiated offerings like Infosys Cobalt, are what big companies are looking for,” he said.
Parekh added that Infosys can be a “critical partner” for its customers because of its market-leading capabilities in data and analytics, cybersecurity, artificial intelligence, automation and the Internet of Things.
“Infosys will continue to innovate and is well positioned to lead the industry for years to come,” he added. Infosys’ 40th Annual General Meeting will be held on June 19th via video conference and other audiovisual means. PTI SR HRS std