India’s biggest gas importer Petronet LNG Ltd gave its outgoing chief executive Prabhat Singh a record 27 per cent rise in remuneration in FY20 and has now begun a search for a new CEO on modified terms that made just retired executives of PSUs ineligible.
Singh, who completes his five-year term as managing director and CEO next month, took home a record Rs 1.8 crore in fiscal 2019-20 (April 2019 to March 2020), according to Petronet’s latest annual report.
This included Rs 22.5 lakh commission on profit.
Petronet, which is registered as a private limited company but is headed by the oil secretary, had paid him a total of Rs 1.4 crore in the previous fiscal.
The salary paid to the CEO of Petronet is much higher than that is drawn by chairmen of its promoter PSUs, namely GAIL, IOC, ONGC and BPCL.
