Shareholders oppose pay hike for Vedanta top officials
More than 12% shareholders of Vedanta Resources Plc have voted against its top deck's 3-5% salary hike for 2012-13 at the company's annual general meeting here.
The votes will not come in the way for the metal major's senior team, including Executive Chairman Anil Agarwal, getting higher salary, as 87.66% of the casted votes were in favour.
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According to a company filing in the London Stock Exchange, 12.34% of the 22.26 crore votes cast in a poll on the resolution to approve "Director's Remuneration Report" were against the move.
Vedanta Board had earlier approved 5.04% salary hike for billionaire Agarwal to 1.475 million British pound for 2012-13, from 1.404 million British pound a year ago. His total remuneration, including salary, for 2011-12 was 1.731 million British pound.
In Vedanta, remuneration includes a salary, performance bonus, award under the long-term incentive plan, relevant pension provision and special monetary rewards for the successful integration of merger and acquisition activities.
The Board of the company also approved Deputy Executive Chairman Navin Agarwal's annual salary hike by 3.6% to 1.073 million pound from 1.036 million pound a year ago. The total remuneration of Navin was 1.369 million British pound for 2011-12.
Salaries of the executives in Vedanta are reviewed on an annual basis and changes are implemented effective from April 1 each year taking into account the period of service during the year.
Vedanta's three-member Remuneration Committee comprises all Independent Non-Executive Directors and is headed by India's former ambassador to the US Naresh Chandra.