Paytm working towards good governance
Fintech company Paytm is continuously working to strengthen its financial position. To do so, it has taken many important decisions lately. It has announced one such decision ahead of its Annual General Meeting (AGM). At the meeting, the company has proposed to reduce the annual payment (fees or salary) of the Board of Directors.
In the information provided to the stock exchange, Paytm’s parent company One97 Communications said that its board of directors has considered adopting the primary option of salary revision. The company’s Annual General Meeting will be held on September 12, 2024 and just before that the company’s board of directors decided to discuss this proposal.
Paytm is committed to good governance
Paytm says it is committed to financial discipline and good governance. Therefore, it is preparing a new framework for the salary of board members, on which it will also seek permission from shareholders during the Annual General Meeting. Not only this, the company will also move a proposal in the Annual General Meeting to make Dr Gulshan Rai, who was the National Coordinator for Cyber Security in the Government of India, an independent non-executive director.
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The company proposes that the revised pay structure will make the annual pay of each non-executive independent director a maximum of Rs 48 lakh. In this, Rs 20 lakh will be fixed component. Apart from this, the variable component will be decided based on attendance at meetings, chairmanship and membership of different committees. This will ensure good governance within the company. The new revised pay will be deemed effective from April 1, 2024.
Decision made after observing other companies in the market.
The company says that this new salary structure is based on the benchmarking carried out by it. The new salary structure has been developed taking into account the salary structure of companies with similar market capitalization and similar sector.
Currently, the annual salary of the company’s non-executive independent director Ashit Ranjit Lilani is Rs 1.65 crore and that of Gopal Samudram Srinivasaraghavan Sundararajan is Rs 2.07 crore.
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