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Forward of its annual common assembly scheduled for subsequent month, Paytm has proposed decreased remuneration for board members, as a part of efforts in 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 set element of Rs 20 lakh.
The variable element can be linked to attendance on the conferences and chairpersonship/membership positions held within the numerous 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 line with the corporate’s alternate submitting, the brand new remuneration construction relies on the benchmarking carried out by the corporate, preserving in thoughts good governance practices and firms in related sectors or kinds of enterprise with related market capitalisation.
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