Infosys chairman Nandan Nilekani will not draw any salary

He comes under the promoter category and personally holds 0.93% stake in the company

Infosys, India’s second-largest information technology (IT) services firm, on Friday said that Nandan Nilekani, non-executive and non-independent chairman, would not receive any remuneration for his role. 

He comes under the promoter category and personally holds a 0.93 per cent stake in India’s second-largest IT services firm. 

U B Pravin Rao, interim chief executive officer of the company, will get the same salary he was drawing as chief operating officer.

After Vishal Sikka, the first non-founder CEO of Infosys, stepped down on August 18, citing “continuous attack” from founders and distractions, Rao was elevated as the interim CEO and managing director (MD). “U B Pravin Rao will not receive any additional compensation for his role as the interim-CEO and MD,” said the company in a filing to the BSE. 

Rao’s last drawn remuneration for FY17 was Rs 7.8 crore, excluding value of stock options granted (worth Rs 4 crore). The shareholders had approved an annual remuneration of Rs 12.5 crore, comprising annual fixed salary of Rs 4.63 crore, annual variable compensation of Rs 3.87 crore and performance-based stock options of  Rs 4 crore, which would  vest over a period of four years. Infosys on Friday issued a postal ballot notice seeking approval from its shareholders on share buyback and appointment of co-founder Nandan Nilekani as the non-executive chairman.  

Other resolutions that require shareholders’ approval include appointment of D Sundaram as an independent director on the board and Pravin Rao as the MD and CEO (interim). E-voting and voting through postal ballot on these resolutions will begin from September 8 morning and continue till October 7 afternoon.