Software major Infosys on Friday said it has begun consultations with its investors on adhering to high governance standards, as announced on August 25. “We have started shareholder consultations to determine what actions the company should take to ensure high governance standards,” said the company in a regulatory filing on the BSE. “During the consultations, no material unpublished price sensitive information or financial updates will be provided,” added the filing made by Company Secretary A.G.S. Manikantha.
The filing came a week after the $10-billion IT major’s co-founder Nandan Nilekani returned as its non-executive Chairman on August 24, after its five Board members, including former Chairman R. Seshasayee, Co-Chair Ravi Venkatesan, executive Vice-Chairman Vishal Sikka and two Independent Directors Jeffrey Lehman and John Etchemendy resigned on the same day.
The high standard of corporate governance in the company came to the fore after its founder N.R. Narayana Murthy red-flagged it against the previous Board on huge severance pay to its former Chief Financial Officer Rajiv Bansal and the acquisition of a software firm Panaya in early 2015.