Infosys Chairman Nandan Nilekani To Not Draw Any Salary?

September 02, 2017 13:06
Infosys Chairman Nandan Nilekani To Not Draw Any Salary?

Infosys Chairman Nandan Nilekani To Not Draw Any Salary?:- Incumbent non-executive and non-independent chairman Nandan Nilekani will not receive any remuneration for his current post, said India’s second largest IT services firm Infosys.

The company, in a BSE filing, said Nilekani’s office as director shall be subject to retirement by rotation and the remuneration proposed to be paid to him will be nil.

In 1981, Nilekani was first appointed to the Board and on July 9, 2009, ceased to be its member, said Infosys. For the fiscal 2010 in which he ceased to be a director, his last drawn remuneration was Rs 34 lakh. The company further added that Nilekani holds 2,13,83,480 equity shares in the company.

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The interim CEO of the company, U B Pravin Rao, holds 5,55,520 shares. Pravin will get the same salary, while he was drawing as chief operating officer. After Vishal Sikka had quit from CEO’s post on August 18, Rao was elevated as the interim CEO. Sikka cited “continuous attack” from the founders and distractions.

The position of chief operating officer will be held by Rao, said Infosys. As approved by the shareholders vide postal ballot concluded on March 31, 2017, he will continue to receive the remuneration. Any additional compensation will not received by Rao, for his role as the interim-chief executive officer and managing director, added the company. For the fiscal 2017, his last remuneration was Rs 7.9 crore. This excludes value of stock options granted of Rs 4 crore, said the company.

An annual remuneration of Rs 12.5 crore (comprising of annual fixed salary of Rs 4.63 crore, annual variable compensation of Rs 3.87 crore at 100 per cent payout and performance based stock options of Rs 4 crore) had been approved by the shareholders, which would vest over a period of Rs 4 years.

A postal ballot notice seeking approval from its shareholders, was issued by Infosys. The notice pertains to share buyback and appointment of Nilekani as the non-executive chairman.

The appointment of D Sundaram as an independent director on the board and Rao as the managing director and interim chief executive officer are the other resolutions that require the approval of shareholders.

On the morning of September 8, E-voting and voting through postal ballot on these resolutions will start and will continue till October 7 afternoon.


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