New Delhi: Ahead of its Annual General Meeting (AGM) on September 12, Paytm has announced a revision to the remuneration of its board members, capping annual compensation at ₹48 lakh starting April 1, 2024. This change introduces a pay structure that links compensation to performance and governance.

Previously, Non-Executive Independent Directors like Ashit Ranjit Lilani and Gopalasamudram Srinivasaraghavan Sundararajan received annual remuneration of ₹1.65 crore and ₹2.07 crore, respectively. Under the new plan, their compensation will have a fixed component of ₹20 lakh, with the remainder based on attendance at meetings and participation in board committees.

The revised pay structure follows a benchmarking exercise by Paytm, comparing governance practices and remuneration standards of companies with similar market capitalisation. The company aims to align compensation with performance as it works towards profitability.

Additionally, Paytm is seeking shareholder approval for the appointment of Rajeev Krishnamuralilal Agarwal, a former Indian Revenue Services officer, to its board. It is also proposing the reappointment of Ravi Chandra Adusumalli, Founder and co-Managing Partner of Elevation Capital, who is due for retirement by rotation. Elevation Capital was an early investor in Paytm.

Paytm's shares closed at ₹555.15 on Friday. /BI/