UGRO clarifies promoter pay concerns, cites independent benchmarks

UGRO Capital clarified a media report regarding its promoter's compensation, stating that Mr. Shachindra Nath's proposed pay is at or below market median, as independently benchmarked by Aon. The company highlighted that proxy advisory firms often recommend against similar MD remunerations, which shareholders typically override. UGRO emphasized that Mr. Nath, classified as a Promoter, is legally excluded from equity-linked long-term incentives that comparable professional MDs receive, making cash-only comparisons misleading. The variable pay resolution is an enabling authority, with share price appreciation as a proposed criterion to align the founder's interests with shareholders. Furthermore, Mr. Nath has provided personal guarantees of ₹1,830 Crores to the company's lenders without any fee. The Board Chairman affirmed the rigorous evaluation process and commitment to fair, market-referenced compensation focused on alignment, not enrichment.