Page 81 - Index

Mission-Critical Decisions, Made with Confidence.
Directors holding Board positions in subsidiaries
may be paid sitting fees and commission for the
performance of directorial duties by the respective
Boards. Accordingly, in 2024, Mr Girish Paranjpe
and Mr Amar Raj Bindra were paid sitting fees of
` 100,000 each for attending Board meetings and
commission of ` 1,775,000 each, pertaining to the
year 2023, from Crisil’s subsidiary, Crisil Irevna UK
Limited. Ms Shyamala Gopinath received sitting fees
of ` 440,000 for attending Board meetings of Crisil’s
subsidiary, Crisil Ratings Limited (CRL); the CRL Board
also approved a commission of ` 3,256,000 for 2024.
2) Managing Director
Mr Amish Mehta, Managing Director & CEO, has signed
an agreement containing the terms and conditions of
his employment. Key terms of the service contract and
the remuneration package are mentioned in Table 2.2.
Statutory Reports
Table 2.2: Key terms of the service contract and remuneration package of the Managing Director & CEO
Component Details
Appointment period October 1, 2021-September 30, 2026
Short-term fixed
remuneration*
Base pay of ` 43,375,079 p.a., which includes salary, allowances, reimbursements, and retirement benefits
Perquisites Company car with driver, group medical insurance and personal accident insurance cover, group term life
insurance cover, and leave encashment
Annual performance
bonus^
Maximum of 100% of base pay, based on the level of performance, which will be decided by the Board of
Directors on the recommendation of the Nomination and Remuneration Committee
Performance-linked
deferred cash award
Mr Mehta has been granted a special long-term incentive equivalent to 100% of his base pay, effective October
1, 2021. This is a performance-linked deferred cash award based on cumulative business performance
between 2021 and 2025, vesting equally at one-third each at end of years 2023, 2024 and 2025, subject to the
achievement of certain performance criteria determined by the Nomination and Remuneration Committee
Long-term benefits Eligible to benefits under the Long-Term Incentive Plan (LTIP)^^ and ESOS**, in accordance with the schemes
and rules of the Company for its staff as applicable from time to time
Notice period 3 months
Severance fee Nil
Note: Base pay is annual fixed compensation
* Eligible for such annual increments, as may be decided by the
Board of Directors of the Company on the recommendation of
the Nomination and Remuneration Committee or any other
committee constituted by it from time to time.
^ The annual performance bonus framework links individual
performance to the Company’s achievements on the
balance scorecard, comprising financial and non-financial/
sustainability targets.
^^ Since the LTIP is based on the achievement of certain
criteria, the financial impact is measured based on actuarial
valuations. Hence, the precise long-term incentives
component for the Managing Director cannot be stated and
will be disclosed upon these becoming due and payable as a
part of compensation for the year (refer to Table 2.3 for the
2024 pay-out)
** There are no options (vested or unvested) held by Mr Mehta
under the Company’s ESOS.
Remuneration paid to the Managing Director & CEO
for the year ended December 31, 2024
Table 2.3:
Name Mr Amish Mehta
Salary* 41,273,205
Variable pay 28,633,659
Perquisites:
-
ESOS & others 9,878,075
LTIP pay-out 41,363,585
Others:
-
Provident fund
-
Leave encashment
1,500,444
2,235,177
ESOS granted during 2024 NIL
*Employee benefits that require actuarial valuation or are linked
to events or fulfilment of conditions are disclosed in managerial
remunerations as and when paid
Besides, any pecuniary transaction, if undertaken between
a Director and the Company in the ordinary course of
business, is reflected in the related party disclosure in the
notes to financial statements. Other than loans provided to
subsidiaries with common Directors, no loan was advanced
to firms/companies in which Directors are interested.
The details with respect to the loans provided to these
subsidiaries are provided elsewhere in the annual report.
Annual Report 2024
79