Paytm to cut remuneration of its board members, cap annual pay at Rs 48L

Ahead of its annual general meeting, scheduled on September 12, Paytm has proposed to cut remuneration for its board members. The fintech giant is also planning to cap the annual compensation of its board members at Rs 48 lakh with a fixed component of Rs 20 lakh. The new proposed remuneration framework will be subject to shareholder approval, according to a report by The Financial Express.

Currently, the annual salaries of non-executive independent directors of Paytm’s board members run into crores. With the revised 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.