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Infosys Chairman R Seshasayee today said that will be his last AGM as he is set to retire.
"This will be my last AGM, before I retire upon reaching the age of 70 in May, next year," he told shareholders at the 36th AGM.
During the remaining part of my tenure, I would be committed to further enhancing governance standards, to improving shareholder value and planning a smooth transition to my successor," he added.
Seshasayee said the management and the board commits to its shareholders further acceleration of its efforts to navigate the company through the daunting changes, and deliver performance, worthy of its proud heritage.
He also thanked founders, his colleagues on the board and shareholders for giving him the great privilege of serving the company at an extremely critical time during its transformation journey.
"I have had unstinted support from my colleagues on the board and management and I am truly grateful to them for imposing confidence in my leadership in these challenging times," he said.
The Board has been under the line of fire from the founders, particularly N R Narayana Murthy, who has taken severe objections to executive compensation and alleged lapses in corporate governance.
Seshasayee added that the company is undertaking three transformations, including the cultural transformation to secure a sustainable future.
"the business is transforming from a traditional transformation company to an innovation led, software plus services company, the cultural transformation that comes along when you induct global talent and the rather abrupt transition from the promoter led Board and management to an independent Board," he said.
Seshasayee also blamed the media for the public spat between the Board and founders. He referred to the recently added risk factors in its Form-20F filing as sending a veiled message to the founders. "This is not true, as this risk factor was inserted as per applicable law," he said.
On the recent capital allocation policy announced by to pay up to Rs 13,000 crore to shareholders during FY18, he said that the company is in the process of finalising a distribution mechanism that complies with the applicable regulatory requirements. "As the company has a large global shareholder base and is listed in multiple countries, the manner of distribution to shareholders requires compliance under laws of several jurisdiction, he told shareholders.
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