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

90 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 I. The ratio of the remuneration of each director to the median remuneration of the employees of the company for the Financial Year: The median remuneration of employees of the Company during the Financial Year was Rs. 10.20 lakhs and ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year is provided in the above table. II. The percentage increase in the median remuneration of employees: In the Financial Year, there was an increase of 17.24% in the median remuneration of employees. III. The number of permanent employees on the rolls of Company: There were 23,495 permanent employees on the rolls of the Company as on 31 st March, 2023. IV. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last Financial Year and its comparison with the percentile increase in the managerial remuneration and justi cation thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: Average percentage increase made in the salaries of employees other than the managerial personnel in the Financial Year i.e. 2022-23 was 6.20% whereas the increase in the managerial remuneration for the Financial Year 2022-23 was 27.86%. The remuneration of the Managing Director and Executive Director is decided based on the individual performance as well as performance of the Company, in ation, prevailing industry trends and benchmarks. The remuneration of Non-Executive Directors consists of commission and sitting fees. While deciding the remuneration, various factors such as Director’s participation in Board and Committee Meetings during the year, other responsibilities undertaken, such as Membership or Chairmanship of Committees, time spent in carrying out other duties, role and functions as envisaged in Schedule IV of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and such other factors as the Governance, Nomination and Remuneration Committee may deem t etc. were taken into consideration. V. Af rmation that the remuneration is as per the remuneration policy of the company: It is hereby af rmed that the remuneration paid is as per the Policy for Remuneration of the Directors, Key Managerial Personnel and other Employees.