Tata Steel posted its annual report for the year ended March 2024 on Saturday.
What Happened: As per the report, the company’s CEO T V Narendran was paid a total salary of ₹17.45 crore. This is around a 6,45% decrease from the ₹18.66 crore salary he took home in FY23. His basic salary for the year ended March 2024 was ₹2.05 crore. He received perquisites and allowances worth ₹3.39 crore. His commission for the year was ₹12 crore. His current salary is 212 times higher than the company’s median salary.
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The company’s CFO Koushik Chatterjee received a remuneration of ₹13.61 crore. The company’s vice chairman Noel Naval Tata was paid a total salary of ₹1.64 crore. Out of this, ₹4 lakh was sitting fees and the rest was commission. Chairman N Chandrasekaran received ₹3.60 lakh as sitting fees, he has abstained from receiving commission from the company.
Narendran, serving as the CEO & managing director of Tata Steel Limited, has been instrumental in overseeing both the organic and inorganic growth of Tata Steel in recent years. With over 35 years of experience in the mining and metals industry, he brings a wealth of expertise to his role.
Narendran is a Mechanical Engineer, having graduated from the National Institute of Technology (NIT) Trichy. He furthered his education with an MBA from the prestigious Indian Institute of Management (IIM) Calcutta.
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