An Indian multinational conglomerate, Reliance Industries Ltd (RIL) will not pay any salary to Mukesh Ambani’s children Akash, Isha, and Anant.
According to Livemint, Mukesh Ambani’s children Akash Ambani, Isha Ambani, and Anant Ambani will get only a sitting fee and a commission on the profit earned by the firm.
“They shall be paid remuneration by way of fee for attending meetings of the Board or Committees thereof or for any other meetings as may be decided by the Board, reimbursement of expenses for participating in the Board and other meetings and profit-related commission,” the notice said.
The Board of Directors of RIL (Reliance), at its meeting, on the recommendation of the Human Resources, Nomination, and Remuneration Committee, considered and recommended to the shareholders for approval of the appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company.
Their appointment will take effect from the date they assume office after approval by the shareholders.
The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guiding and enabling Reliance Foundation to make an even greater impact for India.
The Board of Directors appreciated Nita Ambani for her leadership of Reliance Foundation as its Founder and Chairperson. Over the years, RF has made considerable progress in its mission of nurturing and empowering marginalized and under-resourced communities in India.
They lauded Nita Ambani’s request to focus even more on strengthening Reliance Foundation as it embarks on a mission to achieve even greater societal transformation by undertaking a host of new programmes and initiatives.
As the Chairperson of Reliance Foundation, Nita Ambani will attend all the RIL Board meetings as a permanent invitee to the Board so that the Company can continue to benefit from her advice.
Isha Ambani, Akash Ambani, and Anant Ambani have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services, and energy and materials businesses.