Sai Life Sciences Limited (SAILIFE) has responded to InGovern Research Services regarding their recommendation to vote against the appointment of Mr. Sivaramakrishnan Chittor as Whole-Time Director.
InGovern raised concerns about the lack of specific performance metrics for determining Mr. Chittor's remuneration, the absence of peer comparison details, and the absence of caps on year-on-year increment and total remuneration.
SAILIFE clarified that Mr. Chittor's variable pay will be determined as per company policies, considering financial parameters, individual performance, and achievement of EBITDA targets, subject to approval by the NRC and Board.
The company also stated that Mr. Chittor's total remuneration would be within the limits of Section 197 read with Schedule V of the Companies Act, 2013, and that salary increments would be based on performance and industry trends, subject to Board confirmation based on NRC recommendations.
SAILIFE believes it has made adequate disclosures and urged InGovern to reconsider its recommendations.