Reliance Industries has sought shareholders’ approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 - a period during which he has opted to draw nil salary. Ambani, 66, will cross the company law-mandated 70 years age for chief executives and requires a special resolution by shareholders for him to be appointed beyond that age bar. Ambani has been on the board of RIL since 1977.
In the special resolution posted to shareholders, RIL said its board of directors on July 21, 2023, approved the reappointment of Ambani as managing director for five years. Ambani, it said, had capped his annual remuneration at £1.5 million from financial year 2008-09 (April 2008 to March 2009) to FY20; and since FY21, he opted to forego his salary, due to the pandemic, until the company and all its businesses were fully back to their earnings potential.