Ahead of its Annual General Meeting on September 12, Paytm's board of directors has opted for a significant salary revision, highlighting their commitment to the company's responsible financial discipline and good corporate governance.
The new proposed remuneration framework will be subject to shareholder approval.
Previously, the annual salaries of Non-Executive Independent Directors of Paytm's board members including Ashit Ranjit Lilani was set at Rs 1.65 crore, while that of Gopalasamudram Srinivasaraghavan Sundararajan was set at Rs 2.07 crore.
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, per its annual report for 2023-24 released on Wednesday.
The variable component will be linked to attendance at the meetings and Chairpersonship / Membership positions held in the various committee(s) of the Board, to ensure good governance.
The revised remuneration structure, once approved, will be in effect from April 1, 2024.
According to the company's exchange filing today, 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 capitalization.
This decision also reflects the board members' commitment towards ensuring that the company remains financially prudent, as it works towards its intended path of profitability.
Paytm is also seeking shareholder approval on the appointment of former Indian Revenue Services officer, Rajeev Krishnamuralilal Agarwal to its Board. With the new appointments, Paytm continues to bring industry leaders and seasoned veterans to its Board.
The company is also seeking shareholder approval on the reappointment of Ravi Chandra Adusumalli, Founder and co-managing partner of Elevation Capital to its board of directors, who is set to retire by rotation. Elevation Capital was one of the initial backers of Paytm.
With the proposed changes to its Board, Paytm reinforces its commitment to maintaining the highest standards of corporate governance.
The Annual General Meeting (AGM) of One 97 Communications Limited, the parent company of Paytm, will be held on September 12, 2024 at 09:00 a.m. through Video Conferencing.
In the stock exchange filing on Wednesday, the company listed the businesses that will be taken up in the upcoming AGM.
The agenda includes receiving, considering, and adopting the Audited Standalone and Consolidated Financial Statements of the Company for the financial year that ended in March 2024, together with the reports of the Board of Directors and Auditors, among others. (ANI)
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