Mukesh Ambani, Asia’s richest man, who is spending about $1bn to build a lavish 27-storey house and buy his wife a luxury Airbus jet, this week gave himself a 66 per cent pay cut.
In cutting his compensation to “set a personal example of moderation in executive compensation”, Mr Ambani, who controls Reliance Industries, became the first high-profile Indian executive to heed his government’s call for austerity in corporate compensation.
