As per Inc42 reports, 99.67 per cent of votes were in favour of Sharma’s re-appointment while 0.33 per cent voted against the resolution.
One97 Communications, which operates under Paytm, has reported the approval of Vijay Shekhar Sharma’s re-appointment as managing director and chief executive officer of the company for another five years. According to the scrutinizer report. 99.67 per cent of voters supported Sharma’s re-appointment, while 0.33 per cent opposed the measure, according to the survey.
The shareholders also approved Sharma and Madhur Deora’s compensation, but the level of support was not comparable to the re-appointment. Almost 94.48 per cent of shareholders voted in favour of Sharma’s compensation, while 5.52 per cent opposed it.
Taking institutional investors into account, 75.6 per cent opposed the Paytm boss’s salary plan out of all votes, while only 24.4 per cent agreed to it.
Sharma’s compensation is higher than any of the CEOs of S&P, BSE, and Sensex companies, according to the institutional investor advisory services, and the bulk of these companies are profitable.
“Sharma’s compensation is set for the next three years without any annual increment, unlike the policy or practice applicable to all other employees of the company,” said Paytm in a statement.
“We are grateful to all of our stakeholders for their unwavering support and confidence in our leadership. “We remain committed to building a strong, profitable corporation and delivering long-term shareholder value while promoting financial inclusion in the region,” the statement said.
During the annual general meeting on Friday, Sharma, reportedly, told that the parent company One97 Communication does not influence the stock price, but that the company’s leadership is working to make it profitable.
Thank you to our shareholders for a heartening response to our first AGM as a listed company. With overwhelming support, our MD & CEO Vijay Shekhar Sharma will continue to lead and guide us. All resolutions from our 22nd AGM have been duly passed.https://t.co/tQmlxphHoy
— Paytm (@Paytm) August 21, 2022
On August 21, Paytm tweeted, “Thank you to our shareholders for a heartening response to our first AGM as a listed company. With overwhelming support, our MD & CEO Vijay Shekhar Sharma will continue to lead and guide us…