Infosys shares slip after Murthy slams COO's pay hike
Infosys shares fell more than 1.00% today after a new rash between the company's founders and board of directors during the salary hike to Chief Operating Officer UB Pravin Rao .
Infosys shares decreased by 0.94% to DM 1,011.25 at the beginning of the BSE trade. At NSE, the company's shares decreased by 1.15 per cent to Rs 1,010.45.
Infosys founder NR Narayana Murthy said yesterday that UB Pravin Rao Chief Operating Officer (COO) fee increase approved by the board in February was not "appropriate" and "is likely to erode trust And the faith of the employees in the direction and the council ".
"The impact of such a decision (higher compensation) is likely to erode the trust and faith of employees in leadership and advice," he said. Infosys' board adopted Rao's salary hike with 67 percent of the vote, while 33 percent voted against it.
Only 24 per cent of promoters voted in favor of higher wages, and all the rest abstained from voting. Murthy also stated that, given current current governance standards at Infosys, the variable compensation objectives are not met if the board wants to favor a high-level person.