Indian billionaire industrialist Mukesh Ambani has got paid $240,000 (about Rs 1.3 crore) as director compensation for 2012 by global banking giant Bank of America -- a position he would relinquish next month.
Ambani, who heads India's leading business conglomerate Reliance Industries group, was paid a higher compensation of $276,816 by the bank in the previous year, 2011.Ambani joined Bank of America's board as an independent director in March 2011, but would step down from this position at the company's next Annual Meeting of shareholders on May 8.
The US-based banking major announced last month that Ambani would step down as a director and join its new, non-fiduciary global advisory council.
The bank has disclosed the compensation paid to Ambani and other details in a notice circulated to its shareholders ahead of their Annual Meeting on May 8.
The bank also said that Ambani and five other directors currently on its board would not seek re-election at the Annual Meeting and would be replaced by new members on its board. The shareholders have been asked to ratify the changes.
As per the shareholder notice, a copy of which has been filed with the US markets regulator SEC as well, Ambani's compensation for 2012 included $80,000 as 'fees earned or paid in cash' and $160,000 as stock awards.
In comparison, Ambani got fees worth $92,282 in cash and $184,534 through stock awards in 2011 -- taking his total compensation for that year to $276,816.
As on March 13, 2013, Ambani held a total of 31,265