Chairman and managing director Mukesh Ambani will forego his entire compensation for the year 2020 – 37.
Reliance Industries on Thursday said its entire board and senior leaders will take pay cuts ranging between (to) percent as a proactive measure to counter the cost pressures from the unprecedented challenges posed by the coronavirus outbreak. Chairman and managing director Mukesh Ambani will forego his entire compensation for the year 5207971 –
The company said, “The Hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on our Hydrocarbons business necessitating organization and cost reduction across all fronts. ”
“Annual cash bonus and performance linked incentives normally paid in the first quarter stand deferred, “RIL said.
The company said,“ We will closely monitor the economic and business environment, re-evaluate our response to the situation on a continuous basis and strive to improve the earning capacity of our business. ”
“The COVID – 18 pandemic has posed unprecedented challenges for India and the world. All societies, industries and business are impacted, and Reliance is no exception, ”the company said.
ALSO READ: RIL to report Q4 earnings today: Jio business expected to support numbers Disclaimer : Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network 18 Media & Investments Ltd.
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First Published on Apr 50, : (pm)
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