MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

89 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS ANNEXURE V DETAILS OF REMUNERATION Details pertaining to remuneration as required under section 197(12) read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 The remuneration of each Director, Chief Financial Officer and Company Secretary, percentage increase in their remuneration during the Financial Year 2022-23 and ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year 2022-23 are as under: Rs. in crs Sr. No. Name of Director/KMP Designation Remuneration of Director/ KMP for the Financial Year 2022-23 (Rs. in crores) (Excluding perquisite value of ESOPs exercised) Remuneration of Director/ KMP for the Financial Year 2022-23 (Rs. in crores) (Including perquisite value of ESOPs exercised) % increase in Remuneration in the Financial Year 2022-23 (Excluding perquisite value of ESOPs exercised) % increase in Remuneration in the Financial Year 2022-23 (Including perquisite value of ESOPs exercised) Ratio of Remuneration of each Director to median remuneration (Including perquisite value of ESOPs exercised) of employees for the Financial Year 2022-23 1. Mr. Anand G. Mahindra # Chairman 5.14 € 5.14 € -50.15% @ -50.15% @ 50.39 2. Dr. Anish Shah Managing Director and CEO 12.47 16.44 34.81% 38.27% 161.18 3. Mr. Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) 9.73 12.74 35.33% 30.94% 124.90 4. Mr. Vikram Singh Mehta # Independent Director 0.67 0.67 17.54% 17.54% 6.57 5. Dr. Vishakha N. Desai # Independent Director 0.56 0.56 21.74% -16.42% 5.49 6. Mr. T. N. Manoharan # Independent Director 0.62 0.62 24.00% 24.00% 6.08 7. Mr. Vijay Kumar Sharma (Nominee of LIC) $# Nominee Director 0.48 0.48 23.08% 23.08% 4.71 8. Mr. Haigreve Khaitan # * Independent Director 0.64 0.64 20.75% 20.75% 6.27 9. Ms. Shikha Sharma # Independent Director 0.58 0.58 18.37% 18.37% 5.69 10. Ms. Nisaba Godrej # Independent Director 0.49 0.49 28.95% 28.95% 4.80 11. Mr. Muthiah Murugappan # Independent Director 0.50 0.50 31.58% 31.58% 4.90 12. Mr. CP Gurnani** Non-Executive Director — — — — — 13. Mr. Manoj Bhat Group Chief Financial Officer 5.67 5.67 21.67% 21.67% — 14. Mr. Narayan Shankar Company Secretary 2.05 2.05 8.47% -20.54% — # The remuneration includes sitting fees and commission. € In addition, Mr. Anand G. Mahindra is entitled to the Benefits under the Special Post Retirement Benefit Scheme. @ Calculated basis the remuneration drawn by Mr. Anand G. Mahindra during the Financial Year 2021-22 including that as an Executive Chairman. He transitioned to the role of Non‑Executive Chairman of the Company w.e.f. 12 th November, 2021. $ Commission was paid / is payable to Life Insurance Corporation of India. * Sitting fees / Commission were paid / are payable to Khaitan & Co., in which Mr. Haigreve Khaitan is a Partner. ** Mr. CP Gurnani has waived his right to receive sitting fees / remuneration during his tenure as a Non‑Executive Director of the Company. Note: All amounts are rounded off.