Sterlite Industries (India) Limited - Sterlite Industries India Ltd.

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
B. Compensation
Compensation of Directors and Executive Officers
The aggregate compensation we paid our executive directors and executive officers for fiscal 2009 was Rs. 220 million ($4.3 million),
which includes Rs. 180 million ($3.5 million) paid towards salary, bonuses, allowances and non-cash payments, Rs. 26 million ($0.5 million)
paid by us to Vedanta for the fair value of share options granted to our executive directors and executive officers under the Vedanta LTIP, and
Rs. 14 million ($0.3 million) paid towards benefits such as contributions to the provident fund and superannuation fund. The total
compensation paid to our most highly compensated executive during fiscal 2009 was Rs. 72 million ($1.4 million) (of which Rs. 59 million
($1.2 million) comprised salary, bonuses and allowances, Rs. 7 million ($0.1 million) comprised payment by us to Vedanta for the fair value of
share options granted under the Vedanta LTIP, and Rs. 6 million ($0.1 million) comprised benefits such as contribution to the provident fund
and superannuation fund.
The following table sets forth the compensation paid to our directors and executive officers in fiscal 2009, where the disclosure of
compensation is required on an individual basis in India or is otherwise publicly disclosed by us:
Salary, Bonuses, Fair Value of Share Contribution to
Allowances and Options granted under Provident and
Name Perquisites the Vedanta LTIP Superannuation Funds
(in million)
Navin Agarwal Rs.59.09 Rs.6.57 Rs.6.08
Kuldip Kumar Kaura (1) 38.18 4.63 1.16
Dindayal Jalan 13.58 2.89 1.10
Mahendra Singh Mehta 14.19 2.89 0.93
Rajagopal Kishore Kumar (3) 10.20 1.80 0.88
Tarun Jain (2) 28.95 4.63 2.76
A. Thirunavukkarasu 6.76 1.35 0.37
Dilip Golani 9.29 1.66 0.51
Notes:
(1) Mr. Kuldip Kumar Kaura ceased to be our Managing Director and Chief Executive Officer effective October 1, 2008 on the expiration of
his employment contract. Mr. Rajagopal Kishore Kumar is our new Chief Executive Officer.
(2) Resigned as Whole Time Director with effect from March 31, 2009, following which he is no longer a director of our company.
However, he remains an executive officer of the company as our Director of Finance.
(3) Appointed as Chief Executive Officer of SIIL with effect from October 1, 2008.
The aggregate compensation paid or payable to our non-executive directors for fiscal 2009 was Rs. 5 million ($0.1 million), which
comprised Rs. 1 million in sitting fees and Rs. 4 million ($0.1 million) in commissions.
We adopted the Vedanta LTIP in February 2004. Under the Vedanta LTIP, our directors and executive officers will be granted share awards
which will entitle them to acquire the ordinary shares of Vedanta based on the performance of Vedanta’s total shareholder return against a peer
group of companies comprising the FTSE Worldwide Mining Index (excluding precious metals) measured over a three-year performance
period and Vedanta’s financial performance.
Outstanding Awards or Options
As of March 31, 2009, our directors and executive officers as a group held awards vested under the Vedanta LTIP to acquire an aggregate of
76,415 ordinary shares of Vedanta representing approximately 0.03% of Vedanta’s share capital. The awards are exercisable at the end of the
three-year performance period commencing from the date of each grant at an exercise price of $0.10 per ordinary share. The awards expire six
months after their date of grant. For more information, see “— Vedanta Long-Term Incentive Plan.”
Employee Benefit Plans
We maintain employee benefit plans in the form of certain statutory and welfare schemes covering substantially all of our employees. As of
March 31, 2009, the total amount set aside by us to provide pension, retirement or similar benefits was Rs. 711 million ($14.0 million).
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