Jewellery, watches and eyewear maker Titan Company released its annual report for the 2022-23 fiscal earlier this month, which shows the ratio of MD CK Venkataraman’s remuneration to the median remuneration of the employees of the firm was more than 156 percent.

Venkataraman was appointed as the MD of the Tata Group company in October 2019 and for that fiscal (i.e. six months from Oct 2019 to March 2020) he was given a compensation of Rs 3.46 crore.

In four financial years (3.5 calendar years in this case) since then, the Titan MD’s remuneration has seen a massive increase of more than 230 percent. Venkataraman took home Rs 11.44 crore in the 2022-23 fiscal. Compared to last year, his compensation was hiked by 9.80 percent.

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The Managing Director’s remuneration includes salary, perquisites and commission within the limits approved by the shareholders. The commission is based on the performance matrix taking into account the overall performance of the firm and the MD in a particular financial year and is determined by the Board of Directors on the recommendation of the members of the BNRC in the succeeding financial year.

For the last fiscal, Venkataraman was given Rs 1.5 crore as salary, Rs 2.4 crore as perquisites and allowances and Rs 7.5 as commission, which will be paid post the ensuing annual general meeting (AGM).

The percentage increase in the median remuneration of employees in the financial year was 10 percent. The firm has 7,857 permanent employees on the rolls.

In its annual report, Titan said that the average percentage increase for the financial year 2022-23 was 10 percent across all levels. The increase in the managerial remuneration is based on market trends and performance criteria as determined by the Board of Directors and on the basis of the recommendation of the Board Nomination and Remuneration Committee (BNRC).