Page 23 - GlaxoSmithKline Pharmaceuticals AR 2012

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The details of the remuneration paid to the Directors during 2012 are given below:
(Rs. in lakhs)
Executive Directors Salary Performance
Bonus
Perquisites
and
Allowances
Contribution
to Provident
Fund and
Superannuation
Fund
Total
Dr. H. B. Joshipura 159.27 35.59 69.18 43.00 307.04
Mr. M. B. Kapadia 84.29 29.51 58.97 22.76 195.53
Dr. A. Banerjee (upto
31.07.2012)
34.23 105.07* 154.97** 9.24 303.51
Mr. R. C. Sequeira 46.56 12.13 37.38 12.57 108.64
Mr. R. Krishnaswamy 44.05 22.00 57.56*** 11.89 135.50
* includes additional performance bonus of Rs. 81 lakhs
** includes ex-gratia payment Rs. 52.66 lakhs
*** includes part payment of sign-on-bonus of Rs. 6 lakhs
(Rs. in lakhs)
Independent Directors and
Non-Executive Directors
#Commission Sitting Fees Total
Mr. D. S. Parekh 7.00 3.80 10.80
Mr. R. R. Bajaaj 5.00 1.20 6.20
Mr. V. Narayanan (upto 09.11.2012) 4.29 1.00 5.29
Mr. P. V. Nayak 5.00 2.00 7.00
Mr. N. Kaviratne 5.00 1.10 6.10
Mr. V. Thyagarajan 5.00 1.20 6.20
Mr. D. Sundaram 5.00 2.10 7.10
Mr. P. V. Bhide 5.00 1.20 6.20
Mr. A. N. Roy 5.00 1.20 6.20
# payable in 2013
Notes:
a) The agreement between the Company and each of the Executive Directors is for a period of
five years (three years in case of Mr. R. C. Sequeira) or normal retirement date, whichever is
earlier. Either party to the agreement is entitled to terminate the agreement by giving not less
than three months notice (six months notice in case of Managing Director) in writing to the
other party.
b) Performance bonus is paid as a percentage of salary, based on certain pre-agreed performance
parameters.
c) All the Directors of the Company, excluding the Managing Director, Directors in the whole-time
employment of the Company and Directors who are in the employment of the GlaxoSmithKline
Group Companies are entitled to receive commission collectively up to a maximum of one
percent of the net profits of the Company computed in accordance with the provisions of the
Companies Act, 1956 for such period and such amount as may be decided by the Board of
Directors from time to time.
d) Presently, the Company does not have a scheme for grant of its stock options either to
the Executive Directors or employees. However, the Executive Directors and some senior
employees of the Company are entitled to Stock Options, Share Value Plan and Performance
Share Plan of GlaxoSmithKline plc. During the year, in addition to the above, Dr. H. B.
Joshipura, Mr. M. B. Kapadia, Dr. A. Banerjee and Mr. R. C. Sequeira were paid an amount
of Rs. 36,07,762, Rs. 25,09,328, Rs. 48,02,626 and Rs. 10,19,700 respectively under the
GlaxoSmithKline plc. Share Value Plan and Performance Share Plan.