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Full text: Murthy says questions on 'poor governance' remain unanswered

Says core question still why Infosys board approved unprecedented severance payment agreement for former CFO

BS Web Team  |  New Delhi 

Narayana Murthy
N R Narayana Murthy

The board on Tuesday cleared former chief executive of all allegations of governance failure in the Panaya acquisition, which had led to his exit in August after a prolonged tussle with the company’s founders. 

However, founder said he stands by every question on poor governance raised in his speech to investors.

Murthy said fact remains that none of these questions have been answered by the board with the transparency it deserves.

Murthy says core question still is how and why board approved unusual, unprecedented severance payment agreement for former CFO

Here's the full text of his statement:

"I stand by every question on poor governance raised in my speech to investors dated August 29, 2017. The fact remains that none of these questions have been answered by the board with the transparency it deserves. I am disappointed. The core question still is how and why the board approved an unusual and unprecedented severance payment agreement of 1000% (of the standard employment contracts) to the former CFO, and why the board did not disclose this information proactively and much earlier. Sadly, it appears we will no longer know the truth." 

First Published: Tue, October 24 2017. 22:01 IST
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