According to the company, it is waiting for shareholders' approval before making terms of Nilekani's appointment public. File photo
Nandan Nilekani will be the first chairman of Infosys to decline remuneration
According to the company, it is waiting for shareholders' approval before making terms of Nilekani's appointment public. File photo
Nandan Nilekani, who has just taken charge as non-executive chairman of IT behemoth Infosys, will not be taking any salary during his second stint at the company.
Vishal Sikka, who held the position of executive vice-chairman of IT behemoth for a week, had offered to take just $1 as salary per annum.
Nilekani, who is also a co-founder of Infosys, will not be taking any remuneration on his own behest, according to Kiran Mazumdar-Shaw, director and newly appointed head of nominations and remuneration committee (NRC). Kiran was appointed the head of NRC of the IT major after resignation of Jeffrey Lehman as the director of the company last week.
“Nandan Nilekani will not receive any remuneration as per his request,” Kiran, who is currently abroad told DH through an email response.
The company’s co-founder N R Narayana Murthy, during his second stint at the company as executive chairman during 2013-14, took home just Re 1 as annual salary.
On its part, Infosys has not filed information of Nilekani’s salary with any of the stock exchanges it is listed. The company is listed on five stock exchanges globally — Bombay Stock Exchange (BSE), National Stock Exchange of India (NSE), New York Stock Exchange (NYSE), Euronext London and Euronext Paris.
According to the company, it is waiting for shareholders’ approval before making terms of Nilekani’s appointment public.
When contacted, the company said, “The terms of Nilekani’s appointment will be mentioned in the postal ballot, when the company seeks shareholder approval.”
The various institutional investors that DH spoke to also stated that they were yet to hear anything in this regard from the company.
In his earlier stint as CEO and MD of the company, in 2006-07, Nilekani earned a gross remuneration of Rs 51,35,076, as per the annual report of the company.
Nilekani’s predecessor, R Seshasayee, took home a pay package of Rs 1.92 crore in the fiscal 2016-17, while cash component of company’s CEO and MD Vishal Sikka’s salary was Rs 16.01 crore in 2016-17, down from Rs 48.73 crore in 2015-16.
Nilekani is currently valued in excess of Rs 11,000 crore, as per data available with Forbes website.