In addition, the directors’ emoluments rose 28.8% in the same period, when total work forces have been lowered to 39,787 in FY20 compared with 44,101 in the previous fiscal.
After serving almost a decade as CEO, Speth is set to retire in September. To be sure, Ralf Speth had taken an 20 % cut in his compensation in FY19 and his previous compensation was 3.7 million in the year FY18.
In an official response to ET’s query, the Tata Motors spokesperson explained that in FY20, the increase in director’s emoluments is due to an increase in amounts accrued under the Long-term Incentive Plan. This has increased over the previous two years as the business starts delivering on its turnaround plans. These vest over a three-year period and no cash settlement have happened during the year.