Zee's Punit Goenka opts for a 20% personal remuneration cut

Zee's managing director and CEO Punit Goenka has announced his decision to implement a 20% reduction in his remuneration. Goenka's decision has been submitted to the Nomination and Remuneration Committee of the Board and the chief financial officer.

Commenting on this decision, Goenka said, "The organisation is sharply focused on adopting a frugal approach, as we move forward towards the set goals for the future. While I am in the process of implementing the required steps and actions across all the verticals of the company, I intend the required change in mindset, to being from my desk. It is imperative to adapt as per the situation and at this point in time, 'Accountability and Agility' is the need of the hour. Each and every employee of Zee, works and functions with an entrepreneurial approach, as a partner and a co-owner of the company. It is this DNA of the institution, that will enable us to achieve the set targets. I must add that this voluntary decision is limited to me on a personal front."

R Gopalan, chairman, Zee Entertainment Enterprises said, "The Board and the Nomination and Remuneration Committee has noted the decision of the MD and CEO. As the chairman of the board, I welcome the decision and appreciate the thought and intent behind the same. It is important for leaders to set the right examples, and the CEO has done the same by taking direct charge of critical vertical of the company. It is imperative for the management to enhance their productivity levels to achieve the set goals for the future and bring the company back to its original glory."

The Company's management, under the leadership of Goenka, is implementing all necessary measures across verticals to optimise costs and enhance productivity. With guidance from the Board, Goenka will continue to take strategic steps aimed at generating value for the Company's shareholders.

Chaired by R. Gopalan, the company's Board has instituted necessary measures to guide and mentor management regularly, enabling the team to achieve set goals. The establishment of the 'Independent Investigation Committee' and the 'Monthly Management Mentorship (3M) Program' are steps taken by the Board, prioritising the interests of all the company's shareholders.