Infosys announces appointment of lead independent director
Bangalore, India - June 14, 2003 - Infosys announced the appointment of Mr. Deepak Satwalekar, independent member on the board as the lead independent director. This appointment is in line with the company's commitment to good corporate governance practices.
The 22nd Annual General Meeting (AGM) of Infosys Technologies Limited was held today in Bangalore. Prof. Marti Subrahmanyam, independent member of the Board at Infosys, chaired the AGM. Infosys used a non-mandatory postal ballot as an informal option to assess the general view of the absentee shareholders on the resolutions set out in the notice. The non -mandatory postal ballot did not have the force of a legally binding vote and was not construed as a vote at the AGM. The chairman of the AGM read out the votes of the postal ballot before the passing of every resolution.
At the AGM, the members of the company approved the reappointment of Mr. Srinath Batni as Whole- time Director and Dr. Omkar Goswami, Sen. Larry Pressler and Ms. Rama Bijapurkar as directors of the Company. Mr. Sridar Iyengar was appointed as a director of the Company.
The members also approved the deletion of Article 107 of the Articles of Association, which provided that as long as Mr. N. R. Narayana Murthy and / or his relatives held not less than 5% of the issued equity share capital of the company, Mr. Narayana Murthy shall be the Managing Director of the company and shall not be liable to retire by rotation. The Article was not effected upon, ever since the company issued shares to the public. Mr. Narayana Murthy has offered to retire by rotation in line with the other members of the board. In this context, this Article had become redundant.