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Forward of its annual basic assembly scheduled for subsequent month, Paytm has proposed diminished remuneration for board members, as a part of efforts in the direction of accountable monetary self-discipline and company governance.
The brand new proposed remuneration framework can be topic to shareholder approval.
With the revised remuneration construction, the annual compensation of every non-executive unbiased director can be capped at Rs 48 lakh, with a hard and fast element of Rs 20 lakh.
The variable element can be linked to attendance on the conferences and chairpersonship/membership positions held within the varied committees of the board, to make sure good governance.
The revised remuneration construction can be efficient from April 1, 2024.
Beforehand, the annual salaries of non-executive unbiased administrators of Paytm’s board, together with Ashit Ranjit Lilani, was set at Rs 1.65 crore, whereas that of Gopalasamudram Srinivasaraghavan Sundararajan was set at Rs 2.07 crore.
In keeping with the corporate’s change submitting, the brand new remuneration construction is predicated on the benchmarking executed by the corporate, protecting in thoughts good governance practices and corporations in comparable sectors or sorts of enterprise with comparable market capitalisation.
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