A hike of 30 per cent in basic salary is proposed for the other board members, Nakul Anand, B Sumant and R Tandon, to Rs 13 lakh a month, from the existing Rs 10 lakh. Also, an incentive of annual value not exceeding 0.05 per cent of net profit for the preceding financial year, per director, is being proposed. The three are, apart from the perks which are capped at Rs 10 lakh annually, also eligible for a performance bonus not exceeding 200 per cent of basic or consolidated salary.
Earlier, ITC had proposed an Employee Stock Options Plan (ESOP) scheme. British American Tobacco, which has 29.5 per cent of the equity, had got this special resolution voted down. Puri had said an ESOP scheme was the best way to retain talent. If that was not available, a cash-settled employee stock appreciation rights scheme was second best.