In the financial year 2023, India witnessed a notable increase in the compensation of independent directors, with 151 individuals joining the crore-plus pay club compared to 67 in FY18. The data, based on Nifty-500 companies, revealed that the ten highest-paid independent directors earned between Rs 3.21 crore and Rs 6.74 crore.
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C Vijayakumar, managing director and CEO of HCL Technologies, Indias third-largest IT services company by market cap, was the eleventh-highest paid, taking home $3.46 million, or about Rs 28 crore, (he is based out of the US) in FY23.
The median compensation for independent directors at at India s top blue-chip companies has more than doubled to ₹72 lakh in FY23, from ₹35.5 lakh five years ago, an analysis of Nifty 50 companies by specialised executive compensation advisory firm, Exec-Rem Advisors shared with ET has revealed.