IT firm Infosys' founders raise governance concerns with board - CNBC | Reuters

MUMBAI The founders of Infosys Ltd (INFY.NS), India's second-biggest software services exporter, have informed the company's board that they have certain corporate governance concerns, according to a CNBC-TV18 report late on Tuesday.Infosys founders N.R.

Reuters February 08, 2017 00:22:51 IST
IT firm Infosys' founders raise governance concerns with board - CNBC
| Reuters

IT firm Infosys founders raise governance concerns with board  CNBC
 Reuters

MUMBAI The founders of Infosys Ltd (INFY.NS), India's second-biggest software services exporter, have informed the company's board that they have certain corporate governance concerns, according to a CNBC-TV18 report late on Tuesday.Infosys founders N.R. Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani wrote to the company's board last month raising concerns including the pay hike given to Chief Executive Vishal Sikka, according to the report.The three founders also questioned the high severance package given to two former senior officials, the news channel reported.In response to CNBC-TV18's queries Infosys said decisions had been taken in the interest of the company and the board evaluated with due importance the suggestions received from stakeholders, including promoters.

Infosys and Murthy declined to comment when contacted by Reuters, while Nilekani and Gopalakrishnan were not immediately reachable.

Former chief financial officer Rajiv Bansal's severance package amounted to 173.8 million rupees, or 24 month's pay, and the agreement was "being administered in accordance with the contractual rights and obligations", Infosys said in a statement last year.In a January filing with the U.S. market regulator, Infosys, which is also listed on Nasdaq, said former general counsel David Kennedy would receive severance payments of $868,250 and other reimbursements over 12 months.

(Reporting by Sankalp Phartiyal; editing by Susan Thomas)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.