New York, April 15 (PTI): US-based Bank of America paid about Rs 1.4 crore as director compensation during 2011 to Mukesh Ambani, who had joined the board of the global banking giant last year.

The director fees and other payments made by Bank of America (BankAm) during 2011 have been disclosed by it in a notice sent to its shareholders for their annual meeting scheduled for May 9.

At the meeting, the shareholders would vote for the election of 12 directors, including Ambani, as also for the approval of the executive compensation among other matters.

Ambani, chairman and managing director of Reliance Industries Limited (RIL), has been an independent director at BankAm since March 2011.

Giving details of the compensation paid to various directors, BankAm said Ambani was paid fees worth $92,282 in cash and $184,534 through stock awards, leading to a total of $276,816 (about Rs 1.4 crore) for 2011.

Ambani was the fourth highest paid director during 2011, after Charles Gifford ($517,190), Charles Holiday ($500,000) and Donald Powell ($315,000).

BankAm further said “the grant, vesting and settlement of the regular annual restricted stock award granted to Ambani in May 2011 are conditioned on the receipt of any necessary Indian regulatory approval”.

Ambani was given shares worth $160,000 (nearly Rs 72 lakh) on May 11, 2011, which had come within weeks of another tranche of shares allotted to him as part of his fees. Ambani holds 14,896 shares of the bank.

As the RIL chief, Ambani had foregone any salary hike for three consecutive years prior to the last fiscal.