Substantial Shifts in Non-Executive Director Remuneration as Bajaj Finance Complies with NBFC Master Directions
In an act of complete financial transparency, Bajaj Finance Limited has made disclosures required by the NBFC Master Directions and the Disclosures in Financial Statements- Notes to Accounts of NBFCs as issued by the Reserve Bank of India (RBI). The company, following the guidelines, revealed their latest standalone financial statements for the year ending 31 March 2023.
A Close Look at Remuneration
Director Resignations and Remuneration Adjustments
The released financial statements demonstrate a significant change in the remuneration of non-executive directors during the fiscal year of 2023. This comes alongside the resignation of several key directors, including Madhur Bajaj, Dipak Poddar, Ranjan Sanghi, Dr. Omkar Goswami, and Dr. Gita Piramal.
For instance, Sanjiv Bajaj’s remuneration has seen a slight decrease from Rs. 0.86 crore in 2022 to Rs. 0.80 crore in 2023. On the other hand, remuneration for Naushad Forbes has increased marginally to Rs. 0.53 crore. Meanwhile, some directors, like Pramit Jhaveri, saw their remuneration more than double, from ₹0.28 crore to Rs. 0.60 crore.
Table of Key Remuneration Facts
| Director’s Name | Remuneration 2023 (Rs. in Crore) | Remuneration 2022 (Rs. in Crore) |
|---|---|---|
| Late Rahul Bajaj (Chairman Emeritus till 12 Feb 2022) | – | 0.03 |
| Sanjiv Bajaj | 0.80 | 0.86 |
| Madhur Bajaj (resigned w.e.f. 1 Aug 2022) | 0.07 | 0.21 |
| Rajiv Bajaj | 0.21 | 0.17 |
| Dipak Poddar (resigned w.e.f. 1 Apr 2022) | – | 0.41 |
| Ranjan Sanghi (resigned w.e.f. 1 May 2022) | 0.07 | 0.44 |
| D J Balaji Rao | 0.24 | 0.21 |
| Dr. Omkar Goswami (resigned w.e.f. 9 Jul 2021) | – | 0.12 |
| Dr. Gita Piramal (resigned w.e.f. 1 May 2022) | – | 0.21 |
| Dr. Naushad Forbes | 0.53 | 0.48 |
| Anami N Roy | 0.63 | 0.69 |
| Radhika Haribhakti | 0.28 | – |
| Pramit Jhaveri | 0.60 | 0.28 |
This data gives shareholders and potential investors a clearer view of the financial operations at Bajaj Finance, showcasing their commitment to transparency and ethical financial management. The company continues to make headway in the Indian financial market, maintaining its standing as one of the leading NBFCs in the country.
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