Mumbai (Maharashtra) [India] August 7 : For the fifth consecutive year, Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani has voluntarily foregone his entire remuneration, including salary, allowances, perquisites, retiral benefits and commission, setting a rare example of leadership in the corporate world.
RIL's Annual Report for FY2024-25 noted that Ambani continued the practice he began in June 2020, in the wake of the COVID-19 pandemic. At the time of pandemic and economic crisis, RIL Chairman decided to lead by example. Since then, for five successive financial years starting from FY21 through FY25 he has drawn no financial compensation in any form from the company.
"In light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation, Mukesh D Ambani had voluntarily decided to forego his entire remuneration," the company stated in the report.
This move, which was initially perceived as a temporary gesture, has now become an enduring hallmark of Ambani's leadership style.
Even prior to this, Ambani had his compensation capped at Rs 15 crore since 2008-09. This was despite the exponential growth in Reliance's revenues and profitability over the years.
From FY21 to FY25, Ambani did not avail of any stock options, commission, retiral benefits or perquisites, despite leading India's largest private sector company with diversified interests in energy, retail, telecom and digital services.
Reliance Industries, which crossed Rs 2 trillion in contribution to the national exchequer in FY25 alone and over Rs 10 trillion over the past six years, continues to maintain a sharp focus on shareholder value creation and responsible leadership.
Over the last ten years Reliance Industries has created 5x value for its shareholders.
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