Tata Sons has approved a revised salary structure that raises annual pay for its top leadership to about Rs 10.5 crore each. The decision was cleared at a recent board meeting, according to reports.

Chairman N. Chandrasekaran and the company’s chief operating officer are the beneficiaries of the revised structure. The new pay reflects their fixed salaries and comes as the group’s listed companies report strong earnings.

The revision was approved after a periodic review of executive compensation against industry benchmarks. Tata Sons is the principal investment holding company of the Tata group and the promoter of its major operating firms.

The board reviews top-level pay from time to time in line with company performance. The company did not issue a public statement on the revision.

The move is expected to be disclosed in the group’s statutory filings for the financial year. Details of variable pay and long-term incentives were not reported.