Marc Desaedeleer, an independent director on the board of Suzlon Energy, has quit, citing governance and transparency issues.
In his resignation letter, Desaedeleer said while he was pleased with the company’s operational and financial performance, he had concerns about governance and transparency.
“…over the same period and including recently, several situations occurred where the corporate governance standards applied by the company did not meet my expectations, including situations where communications lacked the levels of openness and transparency I would have liked to see,” he said in his resignation latter.
Desaedeleer added that he has discussed several of these situations with chairman Vinod Tanti, while some were shared with board members. He also shared a note with Tanti covering these situations with the hope that this information can be used constructively.
“As a result of the above, I decided to resign from my position as independent director of the company and from all associate committee memberships,” Desaedeleer wrote.
Desaedeleer retired in early July 2018 from TRG (The Rohatyn Group) where he was a partner and a member of its executive committee. Prior to this, he was the chief investment officer of Citigroup Venture Capital International (CVCI) Growth Fund I and Growth Fund II, respectively $1.6-billion and a $4.3-billion private equity funds focused on emerging markets.
