Wipro has submitted its annual filing to US Securities and Exchange Commission, according to which it has invested in 9 startups in the amid of last two years. And it invested almost a third of its venture capital which is almost 100 million and the invested amount is far greater than what its rival Infosys has done.
Area in which company has invested
In 20-F filling to US SEC, the company said that, “Currently we hold 9 such investments with a cumulative spend of $ 24.5 million in startups working in big data and analytics, AI, IoT, mobility, supplier collaboration platform, fintech and security -technologies that are reshaping the future of enterprises”.
On contrary, Infosys has spent almost $45 million out of its $500 million capital. Additionally, it has uncalled capital responsibilities of $18 million that was unveiled in its yearly report.
The Bengaluru based Wipro has been gambling on startup investments in order to win deals so that it could lift itself up from this period of stagnation. In accordance with poor results, the company chooses to held back profit commission fro Azim Premji, the chairman.
Premji is entitled to commission
Filling stated that, “Azim Premji is entitled to a commission at the rate of 0.5 per cent on incremental net profit of Wipro Limited for financial year 2017 over the previous year… For the year ended March 2017, commission paid to Premji is nil”.
Abidali Neemuchwala’s compensation
CEO at Wipro, Abidali Neemuchwala drew more than $2 million in overall compensation in fiscal year 2017. He was paid $800,000 in pay and remittance, variable pay of $150,244 and other remuneration of $1.1million. The total compensation also included over $9000 in deferred benefits.
Compensation earned by other executives
Vishal Sikka of Infosys grabbed $6.75 million in total compensation for the current fiscal year. N Chandrasekaran who has taken over the chairman role at Tata Sons in February pulled in Rs 30 Crore during the same period. The filings also made the disclosure that Wipro’s Neemuchwala is the only executive director of the company to have a severance clause in his employment contract.
Filling also said that, “Pursuant to the terms of Mr Abidali Z Neemuchwala’s employment, if the Agreement is terminated by the Company, the Company is required to pay Mr. Neemuchwala severance pay equivalent of 12 months’ base pay”.
How much Premji earned
Earning in fiscal year of 2017 by Premji is few more than $108000 which is more than 60% of the total loss of the last financial year. The compensation did not include deferred compensation.