Infosys on Wednesday defended the pay hike to CEO Vishal Sikka and the severance package of former Chief Compliance Officer David Kennedy, and former CFO Rajiv Bansal.
The company stated, “With regard to concerns on governance... we would like to reiterate that all decisions have been made bona fide, in the overall interest of the company, and that full disclosures have already been made thereon.”
Kennedy was given the severance payment of $868,250 and other reimbursements over 12 months. Bansal’s severance package amounted to Rs 17.38 crore, equalling his 24 month’s pay.
Sikka’s annual compensation of $11 million is made up of a $3-million fixed salary and a $8-million variable component, which is subject to achieving the targets.
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