Aurelia Menezes Highlights Strong Governance Signals in Founder’s Decision to Return Unvested ESOPs
Commenting on Eternal founder Deepinder Goyal’s decision to return unvested ESOPs to the company’s pool as he steps down as CEO, Aurelia Menezes described the move as a powerful example of founder-led governance and long-term stakeholder alignment.
According to Aurelia, the decision reinforces the principle that equity-based rewards must be linked to sustained value creation rather than tenure or position. By allowing unvested ESOPs to revert to the company, the founder not only upholds merit-based ownership but also expands the ESOP pool for current and future employees, strengthening retention, incentivisation, and performance-driven participation in the company’s growth.
She further noted that the move carries important governance implications. “From a governance perspective, such a move signals confidence in institutional leadership, reduces perceptions of founder entrenchment, and aligns with best practices seen in mature, professionally managed companies,” she added.
Menezes emphasized that such actions set a positive benchmark for India’s startup and technology ecosystem, demonstrating how thoughtful leadership transitions and equitable ESOP structures can enhance transparency, trust, and long-term corporate value.
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