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  Business   Companies  13 Feb 2017  No conflict between founders and board: Infosys chairman R Seshasayee

No conflict between founders and board: Infosys chairman R Seshasayee

Published : Feb 13, 2017, 6:46 pm IST
Updated : Feb 14, 2017, 10:50 am IST

Infosys chairman Seshasayee says Vishal Sikka's $11 mn salary was according to best global standards.

 Infosys chairman R Seshasayee.
  Infosys chairman R Seshasayee.

Mumbai: Infosys chairman R Seshasayee on Monday came up with clarifications on recent rift in the IT bellwether. Vishal Sikka's $11 million annual salary was in line with best global standards, Seshasayee told media persons.

"Sikka's compensation tied to very high levels of target achievements," he said adding that Sikka's 'huge' remuneration has been explained earlier also.

The Infosys chairman added that Sikka's fixed compensation was trimmed to $4 milion from $5.08 million and that the postal ballot method adopted for raising the remuneration was as per accepted corporate governance norms.

Seshayee said that the IT major conducted a thorough probe after it received a complaint over the issue of hefty severance package given to former CFO Rajiv Bansal who had quit Infoys at the end of 2015. Bansal was given Rs 17.38 crore as leaving pay.

On the issue of conflict of interest related to Punita Sinha, wife of former minister of state for finance Jayant Sinha, on Infosys board, Seshasayee said that for the IT major it was a pride to have her on board.

He also defended severance package extended to David Kennedy, former general counsel and chief compliance office at Infosys. Kennedy's quitting pay was also under crosshairs.

However, Seshasayee also hinted that the company would look into issues raised by each and every stakeholder.

Tags: infosys, r seshasayee, narayana murthy, severance, hefty pay, vishal sikka
Location: India, Maharashtra, Mumbai (Bombay)