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Infosys Board to focus on bringing stability: Nilekani

Bengaluru, Aug 25 (IANS) The Board of global software major Infosys Ltd would focus on bringing complete stability to the company, said its co-founder and new Chairman Nandan Nilekani on Friday.

“The Board is focused on bringing complete stability to the company. It has also tasked its Committee of Directors to work with the Chief Executive Officer and the management to review and refresh the company’s strategy by October,” said Nilekani at a news conference here a day after he returned to the IT major as its non-Executive Chairman.

Stating that he was excited about the company’s future, he said in the recent days, there was discussion of the relationship between the Board and its Founder N.R. Narayana Murthy, who established the culture of adhering to high corporate governance standards.

“The Board believes it to be unfortunate that various differences of opinion have arisen between Murthy and itself in the recent past. The Board wishes to express that it was not its intention to cause Murthy or any other affected person any personal distress or anguish while stating its point of view,” he reiterated Nilekani.

Referring to the investigations into allegations by anonymous persons on the conduct of prior management, and concluded that there was no wrongdoing, Nilekani said he would get a full briefing and an appropriate course of action would soon be decided.

“The Board is focused on the future, consistent with the company’s commitment to good governance,” he noted.

Asserting that the Board took the company’s reputation for high corporate governance standards with utmost seriousness, the co-founder said it had decided to engage in broad-based shareholder consultations to determine what it could do to ensure adherence to high governance standards.

The Board also approved the appointment of executive recruitment firm Egon Zehnder to work with its Nominations and Remunerations Committee to identify the right candidate for the next CEO and Managing Director.

The Committee will also deliberate on the long-term governance structure of the Board and present its recommendations at the meeting of the Board in October.

The Board announced that Director D.N. Prahlad would be the Chairman of the company’s subsidiary EdgeVerve Ltd with immediate effect.

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