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The 2021 India Executive and Board Remuneration Report

  • ID: 5516633
  • Report
  • December 2021
  • Region: India
  • 180 Pages +
  • IMA India
Enabling CXOs With Thought Provoking Insights

This report presents an analysis of compensation trends amongst 25,583 executive and non-executive Directors on the Boards of 2,190 India-listed companies and 708 unlisted companies. 


It covers a 5-year period, from FY17 to FY21, and draws representation from both private sector and PSU firms, distributed across the large-cap, mid-cap, small-cap, micro-cap and unlisted categories.


The 180+ page report helps to:

  • Identify trends in top-executive and Board-level pay
  • Understand the composition of Boards across India 
  • Establish benchmarks for compensation to Directors based on leading industry practices and detailed peer comparisons
  • Determine correlations between pay and performance
  • Recognise gender pay gaps across executive levels 

A Study of Trends in Board Compensation and Pay Structure

Board Governance Metrics

  • Board size and trends
  • Number of IDs and NEDs
  • Share of IDs on Company Boards
  • Board independence
  • Promoter presence on the Board
  • Total Board pay bill
  • Number of Board meetings held each year
  • What makes ESG different? 

Executive Directors’ Compensation

  • Compensation trends for Executive Directors from FY17-21
  • Total pay (means, medians, and other percentiles) by designation and ranges 
  • Pay composition; change in pay FY18-21
  • List of highest paid CMDs, CEO and CFOs
  • Correlation between pay vs performance

Non-Executive Directors’ Compensation

  • NED and Non-Executive Chairman pay trends 
  • Composition and splits by revenue, profit, company age, ownership, market cap, sector

Gender Diversity and Equality

  • Male vs female representation across executive levels 
  • Companies with no female representation 
  • Gender-wise pay split by level
  • Changes in pay FY18-21
  • Female pay composition

Share of IDs on Company Boards


Note: Product cover images may vary from those shown

1. Introduction and Overview 


  • Scope and methodology
  • Company demographics
  • Glossary of terms
  • Executive summary 

2. Company Board Metrics 


  • Board Size 
  • Number of NEDs
  • Board composition:
  • Independent vs Non-Dependent Directors 
  • Male vs female Representation on the Board
  • Number of Board Meetings held 
  • Presence of the promoter on the Board 
  • Board Independence
  • Cost of Running a Board
  • What Makes ESG Different? 

3. Executive Directors' Compensation


  • Total pay (FY17-21): means, medians, 10th, 25th, 75th and 90th percentile levels, and distribution by pay-range 
  • Total pay (FY17-21) by levels: Executive, CEOs/MDs, CFOs, Executive Directors, Company Secretaries 
  • Composition of pay: fixed pay (and its components), variable pay (and its components, including ESOPS) 
  • Changes in pay in FY18 to FY21 
  • CAGR of changes in pay FY18-21 by level 
  • Private sector vs PSU pay comparison (FY17-21) 
  • Total pay by market cap, company age, revenue by levels; private vs PSUs 
  • Highest Paid CMDs, CEOs, CFOs
  • Pay vs performance for each level - correlation between revenue and pay growth; PAT and pay growth

4. Non-Executive Directors' Compensation


  • Total pay (FY17-21): means, medians, 10th, 25th, 75th and 90th percentile levels, and distribution by pay-range 
  • Total pay (FY17-21) by levels: Non-Executive Directors and Non-Executive Chairman 
  • NED and Non-Executive Chairman pay by market cap, ownership, sector 
  • Composition of pay: fixed pay (and its components), variable pay (and its components, including ESOPS)
  • Changes in pay in FY18 to FY21
  • CAGR of changes in pay FY18-21 by level
  • Private sector vs PSU pay comparison (FY17-21) 

5. Gender Diversity and Equality 


  • Male-Female Representation by Level 
  • Companies with no Female Representation
  • Gender-wise Pay Split by Level 
  • Female Pay Composition 

6. Annexure 


Detailed 7-way cross tabs by designation, market cap, ownership, company age, revenue, PAT, sector, for:


  • Board Metrics: Board size - Private vs PSU; for ESG companies: mean, median, 10th percentile, 75th percentile; 90th percentile; trends in total number of directors - FY15 to FY20; Independent vs non-independent directors; Distribution of Executive Chairman and IDs on company Boards; Promoter presence on the Board; Board meetings and distribution.
  • Executive and Non-Executive Compensation: Total pay by level; 3-way cross splits by revenue, ownership, sector; Designation wise: pay trends, change in pay, pay composition.
  • Gender diversity: female representation by level, companies with no female director, pay ratio (men vs women), variable pay share (men vs women)

 


Note: Product cover images may vary from those shown

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