MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 122 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 2023-24 and ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year 2023-24 are as under: Sr. No. Name of Director/KMP Designation Remuneration of Director/ KMP for the Financial Year 2023-24 (Rs. in crores) (Excluding perquisite value of ESOPs exercised) Remuneration of Director/ KMP for the Financial Year 2023-24 (Rs. in crores) (Including perquisite value of ESOPs exercised) % increase in Remuneration in the Financial Year 2023-24 (Excluding perquisite value of ESOPs exercised) % increase in Remuneration in the Financial Year 2023-24 (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 2023-24 1. Mr. Anand G. Mahindra# Chairman 5.15€ 5.15€ 0.19% 0.19% 47.25 2. Dr. Anish Shah Managing Director and Chief Executive Officer 15.18 24.22 21.73% 47.32% 222.20 3. Mr. Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) 12.79 19.25 31.45% 51.10% 176.61 4. Mr. Vikram Singh Mehta# Independent Director 0.68 0.68 1.49% 1.49% 6.24 5. Dr. Vishakha N. Desai# Independent Director 0.54 0.54 -3.57% -3.57% 4.95 6. Mr. T. N. Manoharan# Independent Director 0.62 0.62 0.00% 0.00% 5.69 7. Mr. Vijay Kumar Sharma (Nominee of LIC)$#^ Nominee Director 0.35 0.35 -27.08% -27.08% 3.21 8. Mr. Haigreve Khaitan# * Independent Director 0.64 0.64 0.00% 0.00% 5.87 9. Ms. Shikha Sharma# Independent Director 0.58 0.58 0.00% 0.00% 5.32 10. Ms. Nisaba Godrej# Independent Director 0.51 0.51 4.08% 4.08% 4.68 11. Mr. Muthiah Murugappan# Independent Director 0.50 0.50 0.00% 0.00% 4.59 12. Mr. CP Gurnani**^^ Non-Executive Director — — — — — 13. Mr. Manoj Bhat Group Chief Financial Officer 5.78 5.78 1.94% 1.94% — 14. Mr. Narayan Shankar Company Secretary 2.24 3.99 9.27% 94.63% — # 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. $ Commission was paid / is payable to Life Insurance Corporation of India. * Sitting fees was paid to Khaitan & Co., in which Mr. Haigreve Khaitan is a Partner and Commission will be paid to Mr. Haigreve Khaitan. ** Mr. CP Gurnani has waived his right to receive sitting fees / remuneration during his tenure as a Non-Executive Director of the Company. ^ Mr. Vijay Kumar Sharma has resigned as Non-Executive and Non-Independent Director of the Company with effect from 20th December, 2023 on account of withdrawal of his nomination by Life Insurance Corporation of India upon him attaining the age of 65 years. ^^ M r. CP Gurnani has resigned as Non-Executive and Non-Independent Director of the Company with effect from 20th December, 2023 coinciding with his retirement as Managing Director and CEO at Tech Mahindra Limited. Note: All amounts are rounded off.
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