The board of Infosys Ltd has appointed law firm Cyril Amarchand Mangaldas to review its governance standards. The company denied allegations of governance lapses and “purported rifts among the founders, the board and the management”, it said in a media statement on Thursday.
The inputs received from the founders, along with inputs from other stakeholders will be evaluated, reviewed and recommended to the board, the statement added.
The chairman of the board, R Seshasayee, reposed faith in the leadership of the Managing Director and Chief Executive Officer Vishal Sikka.
The board is fully aligned with the strategic direction of Dr Vishal Sikka and is very appreciative of the initiatives taken by him in pursuance of this transformation.R Seshasayee, Non-executive Chairman, Infosys
The company said that all issues pertaining to CEO compensation, appointment of certain independent directors, and severance pay of former employees date back to at least a few months. The company’s position has been repeatedly explained by the management and overwhelmingly approved by the shareholders, wherever required, the statement added.
The board has full confidence in the leadership of Seshasayee to steer Infosys in this challenging times, said Jeffery Lehman, chairman of Infosys’ nomination and remuneration committee.
The company also maintained that its board is independent and professional and independent directors have no interest other than their commitment to see the company succeed.
While the board appreciates and respects inputs from the founders, it is committed to fulfilling its fiduciary responsibility to act independently and in the overall interest of the shareholders.Infosys Statement
(Originally published on BloombergQuint.)
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