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    Home / News / Business News / 36th Infosys AGM: Unhappy founders choose to skip
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    36th Infosys AGM: Unhappy founders choose to skip

    36th Infosys AGM: Unhappy founders choose to skip

    By Shikha Chaudhry
    Jun 25, 2017
    12:58 pm

    What's the story

    The 36th Annual General Meeting (AGM) for 2016-17 of Infosys in Bengaluru has reportedly not been attended by any of the co-founders, including NR Narayana Murthy.

    The promoters kept away as they have done since giving up all board and management responsibilities three years ago.

    There have been reports about a growing divide between the founders and CEO Vishal Sikka.

    Shareholders

    Shareholders disappointed over board-promoters disagreement

    At the AGM, the shareholders asked the board and promoters to play down their differences in public.

    Some shareholders lauded the founders' contribution while some suggested they move on.

    The promoters earlier expressed their concerns about the way Infosys is being run.

    However, many shareholders expressed overwhelming support for the company's board and management for the way Infosys is navigating through challenging times.

    Information

    Chairman Seshasayee to retire next year

    The shareholders of the company also bid farewell to R Seshasayee, the Non-executive Chairman of Infosys, who is going to turn 70. He will retire from the post in May 2018. He was appointed as Chairman in 2015 after KV Kamath stepped down.

    Seshasayee

    No rift with founders: Seshasayee

    Chairman R Seshasayee chose to downplay the reports of a rift with promoters.

    He said the company will continue to take the promoters' suggestions seriously and also engage with all the founders, including Narayana Murthy.

    The Chairman also promised for the rest of his tenure, he would improve shareholder value and plan a smooth transition to his successor.⁠⁠⁠⁠

    Quote

    We consider founders' comments seriously: Seshasayee

    Seshasayee said when founders make comments, "We consider them even more seriously and respectfully as we all recognize that we are but trustees of an extraordinary institution that has been the result of the labor, foresight, and genius of an extraordinary group of founders."

    Transformations

    Infosys to undergo three simultaneous transformations

    According to Seshasayee, Infosys is going to simultaneously undertake three major transformations.

    The company aims to turn into a next-generation services firm by becoming an innovative, software and services company from a traditional IT service provider.

    It would have an independent board instead of the present promoter-led one.

    There will also be culture transformation with the induction of global talent.

    Information

    Ongoing tussle impacts performance

    While most shareholders reportedly stuck to their usual demands of more dividends, bonus shares, and stock split, a few of them did express dissatisfaction over the ongoing tussle between the management and promoters, which is affecting Infosys's performance and share price.

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