Airtel bosses forgo salary increase 2011/2012
4/12/2012 7:11:39 PM -
All Corporate Directors and CEO's of Airtel operations in Africa and South-East Asia are forwent their salary increase for the period March 31, 2011 to March 31, 2012 to save cost.
This meant MD of Airtel Ghana, Philip Sowah did not enjoy salary increase for that fiscal year, which ended March 31, 2012, but a top official of Airtel Ghana said 'we heard nothing about that so I can't confirm whether Philip forfeited his salary increase or not.'
This followed Group Chief Sunil Bharti Mittal foregoing any pay hike over the same period.
The Bharti Airtel Group issued a statement to that effect saying 'all Corporate Directors and Chief Executive Officers (Asia and Africa) of the company have volunteered for no increase in their remuneration for the fiscal year ending March 31, 2012.'
"This is in line with the company's efforts to drive cost efficiencies," the telecom giant said in the statement.
The move was believed to have been triggered by the 27% dip in profits before tax, and 33% drop in profits after tax, even though the group recorded some 42% increase in revenue to reach US$11.7 billion for the 2010-11 fiscal year.
Airtel's annual results for 2011-2012 are yet to be published for shareholders and the public to know the impact of that forfeiture.
Meanwhile for the 2010/2011 period, the Group's 21-member Board of Directors took home a total remuneration of 359,836,773 rupees (almost US$7 million) out of which Group Chief Mittal alone took 275,065,415, (US$5.34 million) representing an overwhelming 76.4% of the total.
Group CEO (International) and Joint MD, Manoj Kohli took 41,085,739 rupees, (US$797,038) representing 11.42%, and the remaining 19 board members took a total of 43,685,619 rupees, (US$847,474), representing only 12.1% of the total.
Mittal took home US3.52 million as performance linked incentives, while Kohli also got some US$260,000 for same, in spite of the heavy dip in profits.
Former Secretary-General of the OAU (now African Union), Salim Ahmed Salim, is a board member at Bharti Airtel, and he earned some US$44,085 for the whole year.
The annual result did not clearly state how much the other corporate directors and CEO's across all of Airtel's operations in Africa and Asia were paid.
Story by Samuel Nii Narku Dowuona/Adom News/Ghana