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Murthy says Infosys board changes still ‘work-in-progress’

Murthy’s disagreement with the previous board over the release of the report led to CEO Vishal Sikka’s resignation and the board’s public attack on Murthy.

, ET Bureau|
Updated: Aug 29, 2017, 07.40 PM IST
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“I was also hoping that the full report would point out gaps in governance and suggest corrective actions."
“I was also hoping that the full report would point out gaps in governance and suggest corrective actions."
Bengaluru: Infosys founder NR Narayana Murthy said that he was confident co-founder Nandan Nilekani has begun to take ‘corrective actions’ but added that changes to the company’s board was still ‘a work-in-progress.’

Murthy’s speech to investors, at a conference call organized by Investec, also suggested that he would not longer require the board to release the full report into the acquisition of Israeli-software company Panaya.

“I was also hoping that the full report would point out gaps in governance and suggest corrective actions. These are the only reasons why I asked for the full report to be disclosed,” Murthy said. “I believe that corrective actions have already begun. As explained earlier, it is this kind of corrective and decisive action that I was looking for in the detailed report. These actions are now being taken. Therefore, we can all move forward from here and look to the future.”

Nilekani, who took over as non-executive chairman on last week, had faced a barrage of questions about whether he planned to release the full report. Murthy’s disagreement with the previous board over the release of the report led to CEO Vishal Sikka’s resignation and the board’s public attack on Murthy.

Nilekani said he would receive a full briefing on the investigations and then take a further decision. Nilekani’s return spurred the chairman R Seshasayee to step down. Independent directors Jeffrey Lehman and John Echtemendy also stepped down from the board. Sikka, who was supposed stay on as executive vice chairman until March 2018, also left immediately.

“You would all agree that the rejuvenation of the Board has already begun with the resignation of Mr. R. Seshasayee and some other board members. However, it is still work-in-progress,” Murthy said.

“I am confident Nandan will determine whether the members of the current Board who were involved in the events alleged by the whistle blower exercised their proper and expected role in governance; and that he will take appropriate corrective actions.”
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