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  • 8/19/13 Larsen & Toubro AGM to seek pay hike for AM Naik, others - Economic Times

    articles.economictimes.indiatimes.com/2013-07-18/news/40657257_1_nine-independent-companies-k-venkataramanan-executive-chairman 1/4

    Tags: Larsen & Toubro | L&T | India Inc | Ican Investment Advisors | Gujarat Ambuja | Anil Singhvi |

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    Larsen & Toubro AGM to seek payhike for AM Naik, othersKala Vijayraghavan, ET Bureau Jul 18, 2013, 03.40AM IST

    MUMBAI: Engineering and construction conglomerate

    Larsen & Toubro (L&T) is seeking shareholders' approval to

    increase the variable component of executive chairman AM

    Naik's pay from 0.30% of net profit (excluding extraordinary

    items) to up to 0.40%. This translates to a 37% or Rs 4.22

    crore increase at FY13 profit level over his current variable

    pay of Rs 11.29 crore. Naik also earned a fixed salary of Rs

    2.68 crore in FY12, according to company statements.

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    Slamming the proposal, shareholder activist Anil Singhvi, Founder Director of Institutional Investor Advisory

    Services and Chairman ICAN Investment Advisors, said: "It makes no sense to hike salaries at a time when

    the economy is in a bad shape."

    Across India Inc, CEO compensation increased by only 9% during FY13, according to a December 2012

    report by Global management consultancy Hay Group.

    L&T is also seeking to increase the variable pay for other top managers including the CEO & MD, the deputy

    MD and full-time directors to 0.30%, 0.25% and 0.20% respectively. Earlier, these officials were earlier

    eligible for commission of 0.25%, 0.18% and 0.15% of profits respectively.

    The proposals, cleared by the board of directors, are outlined in the notice to shareholders for the company's

    68th AGM to be held next month.

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  • 8/19/13 Larsen & Toubro AGM to seek pay hike for AM Naik, others - Economic Times

    articles.economictimes.indiatimes.com/2013-07-18/news/40657257_1_nine-independent-companies-k-venkataramanan-executive-chairman 2/4

    L&T declined to comment on the subject. "We regret we will not be able to discuss the proposal ahead of the

    shareholder's discussion/ approval," a company spokesman said.

    The notice to shareholders cited a restructuring of the company's businesses resulting in separation of some

    of the businesses into subsidiaries as the reason for the proposed compensation change. Naik had

    restructured L&T into nine 'independent companies' in 2011 to maintain growth, profitability and shareholder

    value.

    "What is the scope of additional accountability, value or responsibility that comes with restructuring L&T into

    different companies? When you split a company into different businesses or merge it back, does that really

    improve the fortunes?" quipped Singhvi.

    The former CEO of cement maker Gujarat Ambuja had earlier also opposed a resolution that sought approval

    to continue with Naik as executive chairman. Then, IIAS had argued that Naik should have stayed on as non-

    executive chairman and handed over businesses reporting to him - 17 of them - to a successor, in this case

    K Venkataramanan. Seventy year old Naik, who was due to retire in September 2012, got a five year

    extension.

    The proposal for a salary hike comes at a time when the $14-billion L&T, like the rest of industry, is hit by the

    economic slowdown with a slowing capex and a weak order book.

    Larsen & Toubro is tackling fierce competition for new orders in most of its business verticals and has even

    lowered its order book guidance for this fiscal.

    However, Naik has been credited for single-handedly building L&T into a massive engineering conglomerate

    over the years. He joined the company as a Junior Engineer in 1965 and rapidly rose to positions of

    increasing responsibility as he moved from General Manager to Managing Director and CEO, culminating in

    his appointment as Chairman in December, 2003. L&T split the roles of chairman and managing director in a

    major top-management rejig in 2012. It appointed Venkataraman as its CEO & MD, and retained Naik as

    executive chairman for the next five years.

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  • 8/19/13 Larsen & Toubro AGM to seek pay hike for AM Naik, others - Economic Times

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  • 8/19/13 Larsen & Toubro AGM to seek pay hike for AM Naik, others - Economic Times

    articles.economictimes.indiatimes.com/2013-07-18/news/40657257_1_nine-independent-companies-k-venkataramanan-executive-chairman 4/4

    2 01 3 Ben n ett , Colem a n & Co. Ltd. A ll r ig h ts r eser v ed In dex by Key w or d|In dex by Da te

    Readers' opinions (22)

    Sort by: Newest | Oldest

    22 Jul, 2013 06:13 PM

    Rajan (Chennai)

    In fact, all the top honchos in L & T should take a voluntary wage cut in view of the lousy performance they have

    put up, as exemplified by the recent quarterly results which sent the share price plunging by over 7 %.

    22 Jul, 2013 04:38 PMKK (Mumbai)

    Why increase their Salary when the share prices have stagnated and the results are not great? They are ripping

    the company and shareholders.

    20 Jul, 2013 04:55 PMsuresh kamath (mumbai)

    A.M.Naik should now mentor the younger group and develop the middle and top level of the L&T and having done

    so much for the Company already,groom the people while he is in position and must not go for hike in salary at

    this stage of the Development of the L&T We hope better sense prevail and he retains what he gets and behappy about the progress made by his efforts so far

    19 Jul, 2013 02:52 PMNitin (abroam)

    L&T can grow faster by replacing him with young, fresh blood at lower cost

    19 Jul, 2013 11:56 AM

    gbss (hhh)

    he should now pave way to new leaders.. L&T is stagnating at the moment...

    READ ALL COMMENTS

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