Infosys, the second major IT company said today that non-executive and non-independent Chairman Nandan Nilekani will not be entitled to receive any remuneration for his current post. The company in a BSE filing said the remuneration proposed to be paid to Nilekani is nil and his office as director shall be subject to retirement as a result of rotation.
The non-executive and non-independent chairman was appointed to the Infosys board for the first time in 1981. Then on July 9, 2009 he ceased to be its member and for the FY 2010 he drew a total of Rs. 34 lakh as remuneration when he ceased to be the company's director.As reported, Nandan has 2,13,83,480 equity shares of the company.
The interim CEO of the company, UB Pravio Rao, will continue to draw the same remuneration which he drew as COO of the company. Rao was appointed as the interim CEO and MD of the company after Sikka resigned from the position of a CEO on August 18.
Further, Rao will continue his position as a COO of the company and for it he shall be entitled to the remuneration as decided upon by the shareholders through a postal ballot finalized on March 31, 2017. For the fiscal year 2017, Rao drew Rs 7.8 crore which excludes stock options granted worth Rs. 4 crore.
With Inputs From PTI