There’s No Smoke Without Fire, Says Infosys Shareholder At AGM
Infosys shareholders ask management to put to rest concerns raised by founders, fix public image.
Shareholders at the 36th annual general meeting (AGM) of Infosys Ltd. asked the company’s management on Saturday to fully address issues playing out in the public domain that, they believed, had affected the company's image. While a number of shareholders expressed confidence in the management’s strategy, others asked the company to put to rest concerns raised by Infosys’ founders and promoters. One shareholder, HR Narasimha told BloombergQuint that he would have liked the founders to be present at the AGM, and that he found many shareholders unconvinced by the management’s commentary.
Vinay, a shareholder who is a chartered accountant, gave the management credit for navigating through global headwinds and geopolitical changes, but asked for better handling of the company’s image.
We must agree that the media management, and bad press, has been a deep concern for all shareholders. These things could have dealt with properly.Vinay, Infosys Shareholder
Earlier in the day, Infosys Chairman R Seshasayee admitted that the company could have managed the messaging around executive pay better. “In the aftermath of criticism, the board introspected and recognised that our communication in this matter could have been better. The board has in the spirit of further transparency released a document explaining in detail the policy and executive compensation,” Seshasayee said in his opening remarks at the meeting.
Shareholder Sadananda Sastry said that he was disappointed that the management made it appear that all was in order. “There is no smoke without fire,” added Sastry.