London, June 03: British telecom major Vodafone`s
former Chief Executive Arun Sarin received 500,000 pounds (Rs
3.87 crore) to relocate to the US following his departure from
the company.
According to the group`s annual report, for the year
ended March 2009, Sarin received a renumeration of 1.42
million pounds (Rs 10.99 crore), which includes basis salary,
cash incentives and other benefits.
The company stated that the benefits and other category
in the renumeration "includes 500,000 pounds in respect of
relocation for Arun Sarin."
In the FY 2009, Sarin collected 436,000 pounds in basic
salary, 434,000 pounds in incentive schemes, 553,000 pounds in
other benefits and awards, including the relocation fee of
500,000 pounds in 2009, the data available in the company`s
annual report shows.
Overall, Sarin`s pay package stood at 8.1 million pounds
in the year to March 31. It included 6.1 million pounds in
shares and dividend of 564,000 pounds.
The company stated that Sarin had an contractual
entitlement to 500,000 pounds in connection with his
relocation to the US.
In the previous financial year 2008, Sarin had received
3.59 million pounds as remuneration from Vodafone.
Sarin, who stepped down from the board on July 29, 2008
and later retired from the business on February 28, 2009, was
available for consultation during this seven months period,
over which, he "received a nominal base salary of one pound
and no bonus or new GLTI (Global Long Term Incentive Plan)
grant in July 2008," the company said.
However, on retirement, his long-term incentive awards
vested on a pro-rated basis (for both time and performance).
Sarin`s successor Vittorio Colao, was paid a basic salary
of 932,000 pounds for the year ended March 2009, bonuses and
other benefits took to a total of 2.2 million pounds.
As such, the 2010 remuneration structure is unchanged
from 2009 and "the Committee has decided not to increase the
base salaries for the current executive directors in the July
2009 review," Vodafone said in a statement.
Sarin became CEO in July 2003 and has led Vodafone`s
evolution into a full-fledged communications company. On his
retirement he had said, "I feel I have accomplished what I
set out to achieve...".
Vodafone’s acquisition of Hutch Essar is the largest
foreign investment made in India. The company`s customer base
more than doubled from 120 million to over 260 million
globally under his leadership.
Bureau Report
