BENGALURU: Infosys announced on Saturday that it is in the process of finalising a suitable “distribution mechanism” for its Rs 13,000-crore capital allocation plan to shareholders for this fiscal.
Speaking at the Annual General Meeting (AGM) of the company, Chairman R Seshasayee said that the firm is committed to executing the capital allocation policy announced on April 13, 2017 “in a timely manner”.
“As the company has a large shareholder base and is listed in multiple countries, the manner of distribution to shareholders requires compliance under laws of several jurisdictions,” he pointed out.
The company, he added, is in the process of finalising a “distribution mechanism” that complies with the applicable regulatory requirements in the “best interest” of all shareholders.
Over the past few months, the Bengaluru-based tech giant has received criticism from various quarters on issues like alleged corporate misgovernance and high compensations doled out to top executives. It was also under pressure to return surplus cash to shareholders through buyback or liberal dividends.
In a bid to bring about “further transparency”, Infosys has now put up a document on its website detailing out the policy on executive compensation, the key performance indicators for variable pay and other related matters, Seshasayee said.
Infosys chairman R Seshasayee to retire next year, wants smooth transition
BENGALURU: Infosys chairman R Seshasayee on Saturday said it will be his last AGM before he retires next year in May and plans a smooth transition to his successor during the 36th annual general meeting of Infosys.
He also thanked founders, his colleagues, the board and shareholders for giving him an opportunity to serve the company at “an extremely critical” point during its transformation journey. Seshasayee spoke about the company undertaking three transformations, including the cultural one to secure a sustainable and secure future. “One undertaking was the business transformation from a traditional transformation company to an innovation led software plus services company,” he added.