Infosys has appointed independent Board member D Sundaram as the new chairperson of the Audit Committee replacing Roopa Kudva with effect from October 24.
Infosys has appointed independent Board member D Sundaram as the new chairperson of the Audit Committee replacing Roopa Kudva with effect from October 24. Though it is not known whether Kudva is still part of the committee and which already has two vacancies following resignations. Kudva headed the four member committee which included other Board members Jeffrey Lehman, Ravi Venkatesan and R Seshasayee. Lehman and Seshasayee have already resigned as Board members from the company. Infosys did not respond to the queries sent by FE asking them whether Roopa Kudva was still a member on this panel and whether there were new members added to this panel. Kudva had also come under attack from Infosys founder N R Narayana Murthy on the alleged corporate governance lapses by the company with regard to the high severance package paid to former CFO Rajiv Bansal. Murthy had stated in an address to investors in August, “Ms Roopa Kudva said that we had to sign an NDA if we wanted to know the reason! So much for shareholder transparency and democracy.”
During this Board upheaval, Lehmann and Seshasayee resigned while Ravi Venkatesan stepped down from the role of co-chairman and became independent director. Sundaram, who now heads the audit committee and looks at the quality of company’s financial statements is vice chairman and managing director of TVS Capital Funds. He joined the Infosys board as an independent director in July this year. Kudva, who is the India managing director of Omidyar Network, joined Infosys board in February 2015. At a press conference on Tuesday, Infosys chairman Nandan Nilekani on the vacancies present in the Board said, “We will announce as and when it happens.” He also informed that Board member Kiran Mazumdar Shaw as the chairman of nominations committee will come out with long term governance structure for the Board size which include the number and quality of people.