Infosys Ltd, India's second biggest software services exporter, is in the process of expanding its board of directors by inducting two more members, CNBC TV18 reported on Monday.The report said that the company's founders are in the process of submitting their list of candidates to the company's lawyers.The lawyers will submit a list of probables to the board's nomination and remuneration committee, who in turn will short-list contenders. Earlier this year, the company said it had retained well known Indian law firm Cyril Amarchand Mangaldas to engage with the company's founders and former executives, who have publicly criticized the company's corporate governance practices.
Earlier this month, Infosys appointed independent director Ravi Venkatesan as its co-chair, in a move seen as an attempt to placate its founders and former executives.The TV report on Monday said chief financial officer M.D. Ranganath was a contender to be one of the two new additions to the Infosys board.
The final decision rests with the board, the report said. Infosys was not immediately reachable for comment on the matter.
Infosys chairman R. Seshasayee has previously said Infosys is "looking for appropriate and competent people to be added on to the board. We would certainly, in course of time, would be expanding the board." Infosys currently has a 10 member board. The CNBC TV18 report said the company can have up to 15 members on its board after recently amending its Articles of Association. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Euan Rocha)
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Updated Date: Apr 24, 2017 21:52 PM