The leading textile conglomerate Trident’s payout to chairman Rajinder Gupta has come under fire!
The Stakeholder Empowerment Services (SES), a proxy advisory firm, has raised concern over the remuneration paid to him in FY ’22.
As per media reports, Rajinder Gupta is a non-executive chairman and promoter of Trident and his remuneration of Rs. 57.6 crore was almost 95 per cent of total board remuneration and 51 times the remuneration paid to the independent directors.
The company’s AGM (annual general meeting), which will take place on 23 July, will also seek shareholders’ approval for the re-appointment of Rajinder Gupta as a director and the annual remuneration.
The proxy advisory firm said in a report, “Unless the company could explain the rationale behind paying Rs. 57.6 crore as commission to Rajinder Gupta, SES will raise the concern regarding his appointment.” The firm has recommended shareholders vote against both company resolutions in the AGM.
SES said that the promoter is extracting ‘ownership premium’ from the company in the form of ‘excessive commission’.
