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The 2021 Executive and Board
Remuneration Report

Analyse compensation trends for Directors on the Boards.


IMA India’s 2021 Executive and Board Remuneration Report presents an analysis of compensation trends amongst 25,583 executive and non-executive Directors on the Boards of 2,190 India-listed companies and 708 unlisted companies. It covers a 5-year period, from FY17 to FY21, and draws representation from both private sector and PSU firms, distributed across the large-cap, mid-cap, small-cap, micro-cap and unlisted categories.
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The report includes data and analysis on :

  • Total CTC pay: mean, medians, 10th, 25th, 75th and 90th percentile levels, and distribution by pay-range.
  • Composition of Pay: fixed pay, variable pay, and employee stock options (ESOPs).
  • Changes in pay in FY18, FY19,FY20 and FY21 and compounded annual change over the full period.
  • Pay vs performance: absolute and annualised changes in pay against changes in revenue and PAT over FY17-21.
  • Highest paid CMDs, CEOs and CFOs and executive pay ratio.
  • Gender gaps in representation and pay.
  • Governance metrics: Board size and composition, number of NEDs, number of IDs, share of income from ID and non-ID roles, Board independence, total Board compensation bill, and number of Board meetings held each year.

Purchase this report

Trends in compensation for top-executive leadership in India are linked to key imperatives for organisations, such as devising benchmarks around compensating their corporate leaders based on leading industry practices, and understanding how compensation affects performance.

Our FY22 Executive and Board Remuneration documents these insights, which detail the landscape of corporate leadership in India.


I am surprised by the in-depth analysis IMA has been able to conduct on such a sensitive topic. The board base of sample impressed me. Very simple and sharp graphical representations and conclusions reflect thought clarity of team at IMA. We found this very helpful and we wish all at IMA all the very best for future.

Prashant Nagre

Chief Executive Officer, Fermenta Biotech Limited

Report Price: Rs 60,000 + GST

Preferential fee for IMA’s Forum Members

Rs 35,000 + GST

Companies that purchased any previous year's Executive and Board Remuneration Report will get a 15% discount on this report.
To avail the discount, please write to us at

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