Infosys realigns roles of board committees

BENGALURU: Infosys has realigned its committees on the board and given responsibilities of acquisitions and investment to the Audit Committee, which is now headed by D Sundaram.

Sundaram replaced Roopa Kudva as the Audit Committee chairman in October last year.

In August, Infosys founder N R Narayana Murthy had raised concerns over governance failures at the company and criticised Kudva for asking him to sign a non-disclosure agreement related to severance pay given to former CFO Rajiv Bansal.


The company said it has dissolved the Finance and Investment Committee which was so far looking into acquisitions and investments.

Last quarter, Infosys also dissolved Committee of Directors which consisted Ravi Venkatesan and D N Prahlad.

Infosys, however, did not offer a clear answer to questions whether dissolving the Finance and Investment Committee is linked with Skava and Panaya's performance since the committee was responsible for acquiring those firms.

Infosys on Friday said it would write off Skava and Panaya by March 2019.

“There were couple of responsibilities of the Finance and Investment Committee that have gone to the Audit Committee like assessment of acquisitions and investment and like other parts have gone to the risk and strategy Committee,” said M D Ranganath, chief financial officer of Infosys,.

Ranganath added that some committees are dissolved aslo to “meet statutory requirement”.

The company also made Kiran Mazumdar-Shaw the lead independent director on the board.

Mazumdar-Shaw was spearheading the nomination of CEO after Vishal Sikka quit.

“It is a good practice to have a lead independent director, so the lead takes a stewardship on behalf of the whole (team) of the independent directors,” said Ranganath.