Bank of America grants Mukesh Ambani its shares as fee

Mukesh Ambani, chairman of India’s largest private sector enterprise Reliance Industries Limited (RIL), has been reportedly been awarded $ 24,700 worth of shares from Bank on America Co., on his appointment to the board of directors of the corporation.

According to various reports, it is likely that the iconic Indian entrepreneur will likely receive Rs10 mn in cash and stocks as the annual director fees going by the bank’s director compensation policy. However, the bank has not disclosed its specific director fees just yet.

It has also been reported that Bank of America is currently dwelling over the guidelines and regulatory measures it will have to follow as it plans to venture into a business with RIL, given its chairman has now joined their ranks of the board of directors.

Bank of America, the largest bank holding company in the USA and the second largest in terms of market capitalization, had announced last month that Mukesh Ambani will chair as the 14th director of the corporation, and, as per the U.S. Securities and Exchange Commission filing, he will serve on the BofA’s credit committee and the compensation and benefits committee. Mukesh Ambani is the first non-U.S. citizen to join the ranks of board of directors and the youngest independent board member to join one of the world’s largest financial institutions.

As of yet, Mukesh Ambani is likely stand for election at the 2011 Bank of America annual meeting of shareholders in the month of May. He is honored at being part of this great institution and looks forward to working with them. Likewise, the BofA members are more than happy to welcome Mukesh Ambani under their home turfs and they hope to benefit from the global perspective he will bring to board.

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