V Balakrishnan: Four board members must quit says Ex-Infosys CFO V Balakrishnan

BENGALURU: Former Infosys board member and CFO V Balakrishnan said on Monday that four of the company's current board members, including chairman R Seshasayee, co-chairman Ravi Venkatesan , head of audit committee Roopa Kudva, and head of nomination and remuneration committee Jeffrey Lehman, should resign, taking ownership for procedural lapses that diminished the high corporate governance standards the company was renowned for.Balakrishnan has been backing Infosys founder N R Narayana Murthy 's public campaign against the way the board had dealt with questions raised about the severance packages to former CFO Rajiv Bansal and former chief legal officer David Kennedy It has been alleged that Bansal's severance package agreement was not disclosed to the board for a long time and when the new CFO MD Ranganath sought the contract, Kennedy tried to stall the matter. "Ranganath refused to sign form 20F (of the US SEC) without seeing Bansal's contract. So the board reached out to Murthy to intervene," said a person close to the company and who did not want to be named.The source also said that in a conference call in which Seshasayee, CEO Vishal Sikka and Kennedy were present, when it was asked who had approved Bansal's contract, each one passed the buck.The board has admitted to procedural lapses, including delayed minuting of proceedings, in the severance package issue. It has also admitted the package was overly generous and displayed poor judgment on the part of the board.

August 22, 2017 06:45 UTC


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