Infosys top management gets big pay hikes in 2008-09

Information technology major Infosys Ltd's top management, including its directors and senior-most executives, got a hefty collective hike of over Rs10 crore in their pay packets during the last fiscal, with chief financial officer V Balakrishnan leading the tally with a hike of Rs1.73 crore, according to a Sify report.

Surprisingly, the fattest pay package at the country's second-largest IT exporter does not go to its chief mentor and non-executive chairman N Narayana Murthy, co-chairman Nandan Nilekani or chief executive officer and managing director S Gopalakrishan. Rather, it was the head of European business and executive council member B G Srinivas who was paid highest remuneration of Rs4.67 crore in the fiscal ended 31 March.

The collective remuneration of all the board members and top management personnel rose Rs10.28 crore to Rs29.16 crore in fiscal 2008-09, as per the auditors' report to Infosys board on the consolidated financial statements of the company and its subsidiaries.

Srinivas was followed by Ashok Vemuri, who is based in the US and heads the company's BFSI and capital markets business, in terms of total remuneration. Vemuri's total compensation rose to Rs4.04 crore from Rs2.81 crore in the previous fiscal.