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Wipro seeks shareholder nod for re-election of Azim and Rishad Premji to board

Wipro Ltd. is set to request approval from shareholders for the re-election of Azim H Premji and his son Rishad Premji to the company’s board for a five-year term, as stated in a regulatory document released on Monday.

The Wipro board has given assent for Azim Premji to continue as a non-executive, non-independent director and for Rishad Premji to serve as a whole-time director with the title of executive chairman. This decision was made on April 19 and their appointments will be effective from July 31, 2024, to July 30, 2029, spanning a five-year period.

“The Seventy Eighth Annual General Meeting (AGM) of Wipro Ltd. will be held on Thursday, July 18, 2024 … To consider appointment of a Director in place of Mr. Azim H. Premji who retires by rotation and being eligible, offers himself for reappointment’ and ‘Re-appointment of Rishad A. Premji as a Whole Time Director of the Company,” the filing said.

The board had approved remuneration of Rishad Premji in the range of Rs 5 crore to Rs 12 crore per annum, which is 11-33% higher compared to pay approved in the previous five-year cycle.

The board has approved remuneration of up to Rs 1 crore for Azim Premji besides Rs 1 lakh sitting fees, reimbursement business expenses, etc.

Wipro will seek approval on the proposals approved by the board at the AGM on July 18, according to the filing. PTI

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