Vastavam web: Wipro’s relatively poor performance has impacted the compensations and variable pays of its top executives. Chairman Azim Premji’s compensation dropped by 63% to $121,853 in 2016-17, as he took home zero commission given the decline in the company’s net profit.
Premji, who got $139,634 as commission in the year before, wasn’t given any commission by its nomination and remuneration committee this time around. The company said that Premji is entitled to a commission at the rate of 0.5% on incremental net profits.
“For the year ended March 31, 2017, commission paid to Mr Premji is nil as the net profit for the year ended March 2017 declined,” the company said in a statement. Wipro’s IT services net profit dropped by 4.7% to $1.3 billion in 2016-17.