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
Table of Contents
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)
Samples
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