Profit of Tata Sons more than doubled in fiscal 2022, boosted by gains made from participating in the share buyback of TCS as well as by dividends received from the software services company. Profit zoomed 164% to £1.71 billion from £651.2 million in fiscal 2021.
The annual compensation of N Chandrasekaran, who was reappointed as Tata Sons chairman in February, rose 19% to £10.9 million in FY22, making him one of the highest paid professional chieftains in India.
The company has called for an annual general meeting this month to seek shareholders’ approval on the amendment of its articles of association (AoA) dealing with the chairman’s appointment process as well as on the appointment of investment specialist Anita George on its board as an independent director. With Anita’s induction, the Tata Sons board will expand to 10 members.
In its FY22 report, Tata Sons said that it has received a request from Sir Dorabji Tata Trust and Sir Ratan Tata Trust (the two controlling shareholders of the company) to include in its AoA that “a person who is the chairman of either of the Trust or of both will not concurrently be eligible to be the chairman of the company’s board”. This means that whoever will succeed current Tata Trusts chairman Ratan Tata will not be able to occupy the chairman’s seat at Tata Sons, which has 286 subsidiaries across the world.
