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Paytm plans salary cut for board members, annual compensation capped at ₹48 lakh
Paytm announces executive salary revision ahead of AGM, capping non-executive compensation at ₹48 lakh.
One 97 Communications Limited, Paytm's parent company, announced a salary revision for its executive members ahead of its annual general meeting (AGM) on September 12, the company said in a statement. Paytm capped the non-executive level compensation at ₹48 lakh with a fixed component of ₹20 lakh, as a part of the revised remuneration structure. This will be subject to shareholders' approval, as per the company.
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“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,” Paytm said in the statement.
The board's decision is a commitment towards ensuring the company is financially prudent while increasing profitability, as per the statement.
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It also said that the company seeks shareholder approval for the appointment of Rajeev Krishnamuralilal Agarwal, a former Indian Revenue Services officer, as a non-executive independent director at Paytm.
The company disclosed previous salaries of the non-executive independent directors of Paytm’s board members, Ashit Ranjit Lilani at ₹1.65 crore per year and Gopalasamudram Srinivasaraghavan Sundararajan at ₹2.07 crore per year.
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The company said in an 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."
