The Hindu Business Line : Infosys `never sought favours from Govts'

FOR BETTER CORPORATE GOVERNANCE: (From left) Mr M. Damodaran, Chariman, SEBI; Mr T.V. Mohandas Pai, Director, Human Resources, Infosys; Mr Frankin Allen, President, American Finance Association and Mr T.J. Wong, Director, Centre for Institutions and Governance, Chinese University of Hong Kong, at a meeting on corporate governance at ISB in Hyderabad on Saturday. — Mohammed Yousuf

Hyderabad , Aug. 12

Infosys Technologies has asserted that it is not a real estate developer and that it never sought favours from Governments.

"We never asked for favours. All we wanted was equal treatment," Mr T.V. Mohandas Pai, member on Infosys board, told presspersons on the sidelines of a two-day seminar on Corporate Governance at the Indian School of Business in Hyderabad.

Responding to a question on Kerala Chief Minister's stand that companies needed to acquire land at market price, Mr Pai said the company preferred to go to outskirts of cities to set up campuses as land there was cheaper. Whenever the company secured land from Governments it was at a rate on par with others. "If we acquired it from farmers, we always gave them the market rate," he said.

Earlier, addressing the seminar, he said it was important to evolve principles of corporate governance based on the Indian value system. Take for example, the dharma concept. "It is not religion. It is a way of life," he said. "The spirit of sacrifice and subordinating ones own interests for the betterment of people who depend on us," he said, pointing out that values like these needed to be included in corporate governance.

Independent director

Also, an independent director could be a guru offering mentorship to the board.

Companies should create a culture to encourage and ensure the independence of independent directors.

Addressing the session on the role of institutional investors in corporate governance, Mr Sanjay Nayar, Chief Executive Officer of Citigroup (India), felt that corporate governance standards would improve as privatisation increased.

The way forward would be to facilitate ease of governance, ensure greater collaboration between institutional investors and strengthen individual nominee/directors' role.

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