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Terming media reports on a "rift" between the Infosys Board and its Founders on governance and compensation to executives inaccurate, software major's Executive Chairman R. Seshasayee on Saturday claimed that the relationship between the two was cordial, direct and respectful.
"I should note that the Board's relationship with the Founders is often the subject of certain inaccurate media reports. When the Board communicates with the Founders, it does so directly, cordially and respectfully," he told the shareholders at the company's 36th Annual General Meeting (AGM) here.
Denying reports that the Board added a risk factor in its Form-20F filing with the US Securities and Exchange Commission (SEC) early this month only to send a veiled message to the Founders, the Chairman said it was inserted as per applicable law.
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"Any inadvertent pain that such inaccurate interpretation in the media might have caused, is sincerely regretted," he said in his address to about 1,000 investors, mostly retail, who attended the meeting.
The Founders of the IT major are N.R. Narayana Murthy, Nandan Nilekani, S. Gopalakrishnan, S.D. Shibulal, K. Dinesh, N.S. Raghavan and Ashok Arora.
Committing to enhance governance standards, improve shareholder value and smooth transition to his successor, Seshasayee said as the AGM was his last before retiring upon reaching the age of 70 in May 2018, he would thank the Founders, colleagues on the Board and all the shareholders for giving him the privilege of serving the company at a critical time during the transformation journey.
Using the example of the metamorphosis of a caterpillar into a butterfly as a metaphor for transformation, he said the transformation of Infosys yesterday to the Infosys of tomorrow and the future was being done by about 200,000 talented Infoscions worldwide.
"If you could see them at work, like I do many times, you would appreciate their perseverance, ability to grow tougher when the going gets tough and their extraordinary strength of character," he added.
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