Infosys, country’s second largest IT firm, today suffered a jolt after shares of the company fell 1 per cent to Rs 934. This comes close on heels of a media report claiming that the founders have raised certain corporate governance concerns with the company's board.
According to the report, Infosys founders NR Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani wrote to the company's board last month raising corporate governance concerns including the hike given to its CEO Vishal Sikka.
Last year, the Bengaluru-based software services exporter had raised the annual package of Vishal Sikka to USD 11 million (approx Rs 74 crore), which includes variable pay subject to certain performance-based targets. Besides, his term has been extended till 2021.
The three founders also questioned the high severance package given to two former senior officials.
While former Chief Financial Officer (CFO) Rajiv Bansal's severance package amounted to 173.8 million rupees (over Rs 17 crore) or equivalent to his two-year package, former General Counsel David Kennedy will receive severance payments of USD 868,250 (approx Rs 6 crore) and other reimbursements over one year.
In another development, Infosys, which is also listed on American stock exchange, has refused to comment on reports which claimed that the company's board is meeting in next few days to consider Rs 12,000 crore share buyback.
