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Ahead of its annual general meeting scheduled for next month, Paytm has proposed reduced remuneration for board members, as part of efforts towards responsible financial discipline and corporate governance.
The new proposed remuneration framework will be subject to shareholder approval.
With the revised remuneration structure, the annual compensation of each non-executive independent director will be capped at Rs 48 lakh, with a fixed component of Rs 20 lakh.
The variable component will be linked to attendance at the meetings and chairpersonship/membership positions held in the various committees of the board, to ensure good governance.
The revised remuneration structure will be effective from April 1, 2024.
Previously, the annual salaries of non-executive independent directors of Paytm’s board, including Ashit Ranjit Lilani, was set at Rs 1.65 crore, while that of Gopalasamudram Srinivasaraghavan Sundararajan was set at Rs 2.07 crore.
According to the company’s exchange filing, the new remuneration structure is based on the benchmarking done by the company, keeping in mind good governance practices and companies in similar sectors or types of business with similar market capitalisation.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)