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Mumbai: Zee Entertainment Enterprises MD Punit Goenka will take a 20% cut in his remuneration as he takes “steps to optimise costs and enhance productivity”.
In FY23, Goenka earned a remuneration of Rs 35 crore — including Rs 21 crore in salaries and allowances, Rs 9 crore in variable pay, a one-time payment of Rs 5 crore, and a provident fund contribution of Rs 20,000.His remuneration in FY22 and FY21 was Rs 41 crore and Rs 13 crore respectively.
“The organisation is sharply focused on adopting a frugal approach… While I am in the process of implementing the required steps and actions across all verticals of the company, I intend the required change in mindset to begin from my desk. It is imperative to adapt as per the situation and at this point in time, ‘accountability & agility’ is the need of the hour… I must add that this voluntary decision (of a reduction in remuneration) is limited to me on a personal front,” said Goenka.
Goenka’s decision was submitted to the nomination and remuneration committee of Zee’s board. Zee chairman R Gopalan appreciated the thought and intent behind his decision.
In FY23, Goenka earned a remuneration of Rs 35 crore — including Rs 21 crore in salaries and allowances, Rs 9 crore in variable pay, a one-time payment of Rs 5 crore, and a provident fund contribution of Rs 20,000.His remuneration in FY22 and FY21 was Rs 41 crore and Rs 13 crore respectively.
“The organisation is sharply focused on adopting a frugal approach… While I am in the process of implementing the required steps and actions across all verticals of the company, I intend the required change in mindset to begin from my desk. It is imperative to adapt as per the situation and at this point in time, ‘accountability & agility’ is the need of the hour… I must add that this voluntary decision (of a reduction in remuneration) is limited to me on a personal front,” said Goenka.
Goenka’s decision was submitted to the nomination and remuneration committee of Zee’s board. Zee chairman R Gopalan appreciated the thought and intent behind his decision.
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