CORPORATE GOVERNANCE OF INFOSYS

INTRODUCTION:Corporate governance broadly refers to the mechanisms, processes and relations by which
corporations are controlled and directed. Governance structures and principles identify the
distribution of rights and responsibilities among different participants in the corporation (such as
the board of directors, managers, shareholders, creditors, auditors, regulators, and other
stakeholders) and includes the rules and procedures for making decisions in corporate affairs.
Corporate governance includes the processes through which corporations' objectives are set and
pursued in the context of the social, regulatory and market environment. Governance
mechanisms include monitoring the actions, policies, practices, and decisions of corporations,
their agents, and affected stakeholders. Corporate governance practices are affected by attempts
to align the interests of stakeholders. Interest in the corporate governance practices of modern
corporations, particularly in relation to accountability, increased following the high-profile
collapses of a number of large corporations during 20012002, most of which involved
accounting fraud; and then again after the recent financial crisis in 2008. Corporate scandals of
various forms have maintained public and political interest in the regulation of corporate
governance. In the U.S., these include Enron and MCI Inc. (formerly WorldCom). Their demise
is associated with the U.S. federal government passing the Sarbanes-Oxley Act in 2002,
intending to restore public confidence in corporate governance. Comparable failures in Australia
(HIH, One.Tel) are associated with the eventual passage of the CLERP 9 reforms. Similar
corporate failures in other countries stimulated increased regulatory interest (e.g., Parmalat in
Italy).

MEANING AND DEFINATION OF CORPORATE GOVERNANCE:-

Corporate governance is concerned with holding the balance between economic and social goals
and between individual and communal goals.

DEFINATION
Corporate governance is the set of processes, customs, policies, laws, and institutions affecting
the way a corporation (or company) are directed, administered or controlled .Corporate
governance also includes the relationships among the many stakeholders involved and the goals
for which the corporation is governed.

PRINCIPLES OF CORPORATE GOVERNANCE:Contemporary discussions of corporate governance tend to refer to principles raised in three
documents released since 1990: The Cadbury Report (UK, 1992), the Principles of Corporate
Governance (OECD, 1999, 2004 and 2015), the Sarbanes-Oxley Act of 2002 (US, 2002). The
Cadbury and Organization for Economic Co-operation and Development (OECD) reports present
general principles around which businesses are expected to operate to assure proper governance.
The Sarbanes-Oxley Act, informally referred to as Sarbox or Sox, is an attempt by the federal
government in the United States to legislate several of the principles recommended in the
Cadbury and OECD reports.

Rights and equitable treatment of shareholders: Organizations should respect the

rights of shareholders and help shareholders to exercise those rights. They can help
shareholders exercise their rights by openly and effectively communicating information
and by encouraging shareholders to participate in general meetings.

Interests of other stakeholders: Organizations should recognize that they have legal,
contractual, social, and market driven obligations to non-shareholder stakeholders,
including employees, investors, creditors, suppliers, local communities, customers, and
policy makers.

Role and responsibilities of the board: The board needs sufficient relevant skills and
understanding to review and challenge management performance. It also needs adequate
size and appropriate levels of independence and commitment.

Integrity and ethical behavior: Integrity should be a fundamental requirement in

choosing corporate officers and board members. Organizations should develop a code of
conduct for their directors and executives that promotes ethical and responsible decision
making.

Disclosure and transparency: Organizations should clarify and make publicly known
the roles and responsibilities of board and management to provide stakeholders with a

level of accountability. They should also implement procedures to independently verify

and safeguard the integrity of the company's financial reporting. Disclosure of material
matters concerning the organization should be timely and balanced to ensure that all
investors have access to clear, factual information.
KEY PARTIES INVOLVED IN CORPORATE GOVERNANCE:-

Key parties involved in corporate governance include stakeholders such as the

Board of directors,
Management and shareholders.
External stakeholders such as creditors, auditors, customers, suppliers, government agencies, and
the community at large also exert influence.
The agency view of the corporation posits that the shareholder forgoes decision rights (control)
and entrusts the manager to act in the shareholders' best (joint) interests. Partly as a result of this
separation between the two investors and managers, corporate governance mechanisms include a
system of controls intended to help align managers' incentives with those of shareholders.
Agency concerns (risk) are necessarily lower for a controlling shareholder.

Responsibilities of the board of directors:Former Chairman of the Board of General Motors John G. Smale wrote in 1995: "The board is
responsible for the successful perpetuation of the corporation. That responsibility cannot be
relegated to management." A board of directors is expected to play a key role in corporate
governance. The board has responsibility for: CEO selection and succession; providing feedback
to management on the organization's strategy; compensating senior executives; monitoring
financial health, performance and risk; and ensuring accountability of the organization to its
investors and authorities. Boards typically have several committees (e.g., Compensation,
Nominating and Audit) to perform their work.

The OECD Principles of Corporate Governance (2004) describe the responsibilities of the board;
some of these are summarized below:

Board members should be informed and act ethically and in good faith, with due
diligence and care, in the best interest of the company and the shareholders.

Review and guide corporate strategy, objective setting, major plans of action, risk policy,
capital plans, and annual budgets.

Oversee major acquisitions and divestitures.

Select, compensate, monitor and replace key executives and oversee succession planning.

Align key executive and board remuneration (pay) with the longer-term interests of the
company and its shareholders.

Ensure a formal and transparent board member nomination and election process.

Ensure the integrity of the corporations accounting and financial reporting systems,
including their independent audit.

Ensure appropriate systems of internal control are established.

Oversee the process of disclosure and communications.

Where committees of the board are established, their mandate, composition and working
procedures should be well-defined and disclosed.

CORPORATE GOVERNANCE: EXTERNAL AND INTERNAL ACTORS

The most prominent group of actors in corporate governance are the companys directors. They
can be either executive or non-executive directors (NEDs); the numbers and split of executives to
NEDs will partly depend upon the regulatory regime of the country. It is generally the case that
investors and regulators prefer there to be more NEDs, as their independent scrutiny of the
company, its controls and strategies, provide a more robust governance structure. In a unitary
board structure, all directors share legal responsibility for company activities and all are
accountable to the shareholders. In most countries, all directors are subject to retirement by
rotation, where they either step down or offer themselves for re-election (by the shareholders) for
another.Directors are collectively responsible for the companys performance, controls,
compliance and behavior. This means that the board of directors must discuss and agree
strategies to maximize the long-term returns to the companys shareholders. They must also
comply fully with relevant regulatory requirements that will include legal, accounting and
governance-framework.
Company-secretary
In most countries, the appointment of a company secretary is a compulsory condition of
company registration. This is because the company secretary has important responsibilities in
compliance, including the responsibility for the timely filing of accounts and other legal
compliance issues. In addition to this responsibility for compliance with relevant laws and
regulatory frameworks, the company secretary often advises directors of their regulatory and
legal responsibilities and duties. His or her primary loyalty is always to the company. This means
that in any conflict with another member of the company (such as a director), the company
secretary must always take the side most likely to benefit the company (rather than any single
director).

Technical knowledge is therefore an important part of this role. Because of this, many countries
company law mandates that for a public company, the post holder must be a member of one of a
list of professional accountancy or company secretary professional bodies (which includes
ACCA).
The major roles include:

maintaining the statutory registers (such as the share register)

ensuring the timely and accurate filing of audited accounts and other documents to
statutory authorities (eg government companies agencies and tax authorities)

providing members (eg shareholders) and directors with notice of relevant meetings

organising resolutions for and minutes from major company meetings (like the AGM);

Sub-board-management:Sometimes referred to (ambiguously) as middle management, managers below board level are a
crucial part of the governance system. It is the employees, led by sub-board management, that
implement strategies, meet compliance targets and collect the information and data on which
board-level

decisions

are

made.

The effectiveness of sub-board management as part of a governance system is partly based on the
extent to which organisational activities are controlled and coordinated. Value-adding synergies
arise when specialists work to achieve organisational objectives in their own departments and are
coordinated by an effective board of senior managers and directors. There is ample scope for
strategic drift, especially in large organisations, when this vital control and coordination is
ineffective.
Employee

Representatives

(tradeunion)

The most common way of providing employee representation (to the board) is through a trade

union. Trade unions represent employees in a workplace; membership is voluntary and the
influence of the union is usually proportional to the percentage of the workplace that are
members.
Although often assumed to be in an adversarial relationship with management, trade unions can
play a very helpful role in corporate governance. The adversarial assumption is probably
unhelpful in many situations, as union members often share the same objectives for the
organisation, and share professional and ethical values with management in carrying out the
organisational

strategy.

In terms of governance, trade unions are able to deliver the compliance of a workforce. If a
strategy needs a high level of commitment, a union can help to unite the workforce behind the
strategy and ensure everybody is committed to it. This can also mean that management and
workforce are seen as united by external stakeholders; this can make the achievement of
strategies more likely. By collective bargaining over pay and conditions, agreement usually
signifies

that

the

workforce

buys

in

to

the

agreed

strategy

or

activity.

A trade union can be a key actor in the checks and balances of power within a corporate
governance structure. Where management abuses occur, it is often the trade union that provides
the first and most effective reaction against it; this can often work to the advantage of
shareholders, especially when the abuse has the ability to affect productivity. Unions are often
good at highlighting management abuses such as fraud, waste, incompetence and greed, all of
which

are

unhelpful

traits

in

board

members.

Linked to the above, trade unions help to maintain and control one of the most valuable assets in
an organisation, the employees. Where a helpful and mutually constructive relationship is
cultivated between union and employer, then an optimally efficient industrial relations climate
exists, thus reinforcing the productivity of human resources in the organisation. In defending
members interests and negotiating terms and conditions, the union helps to ensure that the
workforce is content and able to work with maximum efficiency and effectiveness.

EXTERNAL ACTORS
Shareholders
Shareholders and other investors (eg fixed-return bond-holders) are usually considered the most
important external actors in corporate governance. In the agency relationship that exists between
shareholders and directors, the shareholders are the principals. They have the right to expect
agents (directors) to act in their best economic interests and to observe a fiduciary duty towards
them.
Shareholders incur agency costs in monitoring the activities and actions of agents (directors).
These are the costs of monitoring and checking on directors behaviour. Examples of agency
costs are attending relevant meetings (AGMs and EGMs), studying company results and
analysts reports, and making direct contact with companies through investor relations
departments. When a shareholder holds shares in many companies, the total agency costs can be
prohibitive; shareholders therefore encourage directors rewards packages to be aligned with
their own interests so that they feel less need to continually monitor directors activities.
The Paper P1 Study Guide considers two types of shareholder: small investors and institutional
investors. Small investors are individuals who hold shares in unit trusts, funds and individual
companies. They typically buy, hold or sell small volumes and tend to have fewer sources of
information on companies than institutional investors. They also often have narrower and less
robust portfolios, which can mean that agency costs are higher, as the individuals themselves
study the companies they have invested in for signs of changes in strategy, governance or
performance.
Institutional investors are by far the biggest investors in companies, and they dominate the share
volumes on most of the worlds stock exchanges. Pension funds, insurance companies, unit trust
companies and similar financial institutions hold large numbers of shares in individual funds
with each fund being managed by a fund manager. Individuals, either directly or through
investment products (such as pensions or endowments) buy into investment funds that are then
managed, by selectively buying, holding or selling shares and other investments. When the fund
grows or reduces in value, the member gains or loses value as a result. Fund managers do have
some influence over the companies that they hold shares in, with greater influence obviously
being associated with higher proportionate holdings. Fund managers need to be aware of the
performance and governance of many companies in their funds, so agency costs can be very
large indeed. To reduce these, they make use of information from several sources on the
companies and also seek to have directors benefit packages aligned with their own interests as
much as possible.

Stock exchanges
Shares are bought and sold through stock exchanges. Each of the main international stock
exchanges keeps an index of the value of shares on that exchange; this is the most frequently
quoted number, referring to the total value of the shares on that exchange. In London, for
example, the FTSE All Share (Financial Times Stock Exchange) index is a measure of all of the
shares listed in London. In New York, it is the Dow Jones index and in Hong Kong, it is the
Hang Seng index.
The value of any share on a stock exchange is calculated continuously, based on the demand and
supply of that share. Demand for shares is driven by the expected future returns on that share
which, in turn, is driven by expected company performance. Information suggesting an increase
in performance will tend to increase demand for a given share; anything suggesting a
deterioration in performance will cause fewer shares to be demanded. The price of a share rises
and falls with supply and demand until the equilibrium price is achieved (when the same number
of shares is supplied and demanded). Any change in supply or demand will then move the
equilibrium price (ie the share price on the stock exchange).
In addition to listing, pricing and transacting share buying and selling, stock exchanges can also
have a role in the governance of the companies listed on the exchange. Listing rules are
sometimes imposed on listed companies and in many cases, listing rules concern governance
arrangements not covered elsewhere by company law. In the UK, for example, it is a stock
exchange requirement that listed companies comply with the Combined Code on Corporate
Governance: not a legal requirement but a stock exchange requirement. Other listing rules
concern reporting behaviour. In a rules-based jurisdiction, the law underpins corporate
governance and reduces the need for stock market listing rules.
Auditors
Most Paper P1 candidates will know about the role of auditors from studying Paper F8. The most
obvious role of audit in corporate governance is to report to shareholders that, having audited the
companys accounts, the accounts are accurate (a true and fair view is the term used in some
countries). Audit is also a legal requirement in compliance with company law as a condition of
company registration and the granting of limited liability.
In addition to a normal audit, however, auditors perform a vital service to shareholders in
highlighting issues in the governance and reporting of the company. A qualified audit report,
while being a serious matter for a company, is also an important signal to markets about the
company. Some auditors also offer additional services to clients and these sometimes include
social and environmental advice and audit.

Regulators and governments

In addition to company law and listing rules, some companies and industrial sectors are subject
to further external control by government-appointed regulators or by governments themselves.
This usually applies to companies or sectors involved in areas considered strategically or
politically important by governments; these include the control of monopolies or the supply of
utilities (such as water or energy).
In some countries, this also applies to military equipment and medical supplies. When this is the
case, regulation typically applies to pricing and supply contracts. In some countries, many large
companies are owned, directly or indirectly, wholly or partially, by the host government.
Nationalised companies are part of the economic fabric of many developing countries but tend to
feature less prominently in more developed countries. It is generally believed that the profit
motive, created by the agency relationship in a conventional shareholderdirector arrangement,
creates and stimulates greater economic efficiency than in nationalised companies.
Governments control corporate governance through the imposition of legislation and the
enforcement (through a judiciary) of common and statute laws. Although governments usually
have a range of political and social objectives in mind when controlling business, they also rely
heavily on tax revenues levied on company profits and, where relevant, sales and other
transaction taxes. One reason for the deregulation of much economic activity is the need to
increase tax revenues and create employment by gaining the economic efficiencies offered by
competition and executive reward packages that are aligned to added shareholder value.

ROLE OF PROFESSIONALS
A company secretary is often call the conscience of the company so professional bodies must be
the conscience of the regulators and to a certain extent society in their areas of expertise
whether these are financial, construction, environmental fields or other areas. Only professional
bodies acting with their greatest asset integrity as their foundation stone can perform such a
role. In Corporate Governance, Role of professionals is as follows, Normally, Role of
professionals can be two types;
(1) Direct involvement in corporate governance as a member of the board of directors / various
committees of the board / Holding the position of a CFO / CEO / Compliance Officer of the
company.
(2) As a reviewer of the functioning of the company, its board and committees as a part of the
certification relating to corporate governance.
EXAMPLE :
Satyam scandal: Showed corporate governance can be Skin-deep It was dubbed Indias Enron.
The Rs7,000 crore fraud (it is now over Rs10000crore and rising), the biggest in Indias history,
wiped off $2 billion worth shareholders wealth in the week that followed Ramaling Rajus
riding a tiger not knowing how to get off without being eaten. It exposed glaring shortcomings
of corporate governance, threatening Indias appeal to foreign investors. This is a lesson for
corporate houses. In the new companies Act, we propose to give more powers to independent
directors.

WHY CORPORATE GOVERNANCE IS IMPORTANT?

1. Changing Ownership Structure : In recent years, the ownership structure of companies

has changed a lot. Public financial institutions, mutual funds, etc. are the single largest
shareholder in most of the large companies. So, they have effective control on the
management of the companies. They force the management to use corporate governance.
That is, they put pressure on the management to become more efficient, transparent,
accountable, etc. The also ask the management to make consumer-friendly policies, to
protect all social groups and to protect the environment. So, the changing ownership
structure has resulted in corporate governance.
2. Importance of Social Responsibility : Today, social responsibility is given a lot of
importance. The Board of Directors have to protect the rights of the customers,
employees, shareholders, suppliers, local communities, etc. This is possible only if they
use corporate governance.
3. Growing Number of Scams : In recent years, many scams, frauds and corrupt practices
have taken place. Misuse and misappropriation of public money are happening everyday
in India and worldwide. It is happening in the stock market, banks, financial institutions,
companies and government offices. In order to avoid these scams and financial
irregularities, many companies have started corporate governance.
4. Indifference on the part of Shareholders : In general, shareholders are inactive in the
management of their companies. They only attend the Annual general meeting. Postal
ballot is still absent in India. Proxies are not allowed to speak in the meetings.
Shareholders associations are not strong. Therefore, directors misuse their power for their
own benefits. So, there is a need for corporate governance to protect all the stakeholders
of the company.
5. Globalization : Today most big companies are selling their goods in the global market.
So, they have to attract foreign investor and foreign customers. They also have to follow
foreign rules and regulations. All this requires corporate governance. Without Corporate
governance, it is impossible to enter, survive and succeed the global market.

6. Takeovers and Mergers: Today, there are many takeovers and mergers in the business
world. Corporate governance is required to protect the interest of all the parties during
takeovers and mergers.
CORPORATE GOVERNANCE IN INDIA

Introduction:One of the major economic developments of this decade has been the recent take-off of
India,with growth rates averaging in excess of 8% for the past four years, a stock market that has
risen over three-fold in as many years and a steady inflow of foreign investment. In 2006, total
equity issuance reached $19.2 billion in India, up 22%, while merger and acquisition volume was
a record $27.8 billion,up 38%, driven by a 371% increase in outbound acquisition--exceeding for
the first time inbound deal volumes. Debt issuance reached an all-time high of $13.7 billion, up
28% from a year earlier. Indian companies were also among the world's most active issuers of
depositary receipts in the first half of 2006, accounting for one in three new issues globally,
according to the Bank of New York. And, in each of the years 2005 and 2006, the number of
trades on the National Stock Exchange of India, one of the two major Indian Stock Exchanges,
was third highest in the world, just behind NASDAQ and the New York Stock Exchange, and
several times greater than the number of trades on the London Stock Exchange or Euronext

Corporate Governance in India A Historical Background

The historical development of Indian corporate laws has been marked by many interesting
contrasts. At independence, India inherited one of the worlds poorest economies but one which
had a factory sector accounting for a tenth of the national product. The country also inherited
four functioning stock markets (predating the Tokyo Stock Exchange) with clearly defined rules
governing listing, trading and settlements, a well-developed equity culture (if only among the
urban rich), and a banking system replete with well-developed lending norms and recovery
procedures. In terms of corporate laws and financial system, therefore, India emerged far better

endowed than most other colonies. The 1956 Companies Act built on this foundation, as did
other laws governing the functioning of joint-stock companies and protection of investors
rights.Early corporate developments in India were marked by the managing agency system. This
contributed to the birth of dispersed equity ownership but also gave rise to the practice of
management enjoying control rights disproportionately greater than their stock ownership. The
turn towards socialism in the decades after independence, marked by the 1951 Industries
(Development and Regulation) Act and the 1956 Industrial Policy Resolution, put in place a
regime and a culture of licensing, protection, and widespread red-tape that bred corruption and
stilted the growth of the corporate sector. The situation worsened in subsequent decades and
corruption, nepotism, and inefficiency became the hallmarks of the Indian corporate sector.
Exorbitant tax rates encouraged creative accounting practices and gave firms incentives to
develop complicated emolument structures with large under-the-table compensation at senior
levels. In the absence of a stock market capable of raising equity capital efficiently, three central
(federal) government development finance institutions (the Industrial Finance Corporation of
India, the Industrial Development Bank of India and the Industrial Credit and Investment
Corporation of India),together with about thirty other state-government owned development
finance institutions, became the main providers of long-term credit to companies. Along with the
central government owned and managed mutual fund, the Unit Trust of India, these institutions
also held (and still hold) large blocks of shares in the companies to which they lent, and
invariably had representations on their boards in the form of nominee directors, though they
traditionally played very passive roles in the boardroom.

Recent Developments in Corporate Governance in India

Liberalization of the Indian economy began in 1991. Since then, we have witnessed wideranging changes in both laws and regulations, and a major positive transformation of the
corporate sector and the corporate governance landscape. Perhaps the single most important
development in the field of corporate governance and investor protection in India has been the
establishment of the Securities and Exchange Board of India in 1992 and its gradual and growing
empowerment since then. Established primarily to regulate and monitor stock trading, it has
played a crucial role in establishing the basic minimum ground rules of corporate conduct in the
country. Concerns about corporate governance in India were, however, largely triggered by a

spate of crises in the early 1990sparticularly the Harshad Mehta stock market scam of 1992-followed by incidents of companies allotting preferential shares to their promoters at deeply
discounted prices, as well as those of companies simply disappearing with investors money.
These concerns about corporate governance stemming from the corporate scandals, coupled with
a perceived need of opening up the corporate sector to the forces of competition and
globalization, gave rise to several investigations into ways to fix the corporate governance
situation in India. One of the first such endeavors was the Confederation of Indian Industry Code
for Desirable Corporate Governance, developed by a committee chaired by Rahul Bajaj, a
leading industrial magnate. The committee was formed in 1996 and submitted its code in April
1998. Later the SEBI constituted two committees to look into the issue of corporate governance-the first chaired by Kumar Mangalam Birla, another leading industrial magnate, and the second
by Narayana Murthy, one of the major architects of the Indian IT outsourcing success story. The
first Committee submitted its report in early 2000, and the second three years later. These two
committees have been instrumental in bringing about far reaching changes in corporate
governance in India through the formulation of Clause 49 of Listing Agreements Concurrent
with these initiatives by the SEBI, the Department of Company Affairs and the Ministry of
Finance of the Government of India also began contemplating improvements in corporate
governance. These efforts included the establishment of a study group to operationalize the Birla
Committee recommendations in 2000, the Naresh Chandra Committee on Corporate Audit and
Governance in 2002, and the Expert Committee on Corporate Law (J.J. Irani Committee) in late
2004. All of these efforts were aimed at reforming the existing Companies Act of 1956 that still
forms the backbone of corporate law in India

CORPORATE GOVERNANCE OF INFOSYS

ABOUT THE COMPANY:Infosys Limited (formerly Infosys Technologies Limited) is an Indian multinational
corporation that provides business consulting, information technology, software engineering and
outsourcing services. It is headquartered in Bangalore, Karnataka.
Infosys is the second-largest India-based IT services company by 2014 revenues, and the fifth
largest employer of H-1B visa professionals in the United States in FY 2013. On 15 February
2015, its market capitalization was 263,735 crores ($42.51 billion), making it India's sixth
largest publicly traded company.
Infosys was co-founded in 1981 by CEO Narayan Murthy, Nandan Nilekani, N. S. Raghavan, S.
Gopalakrishnan, S. D. Shibulal, K. Dinesh and Ashok Arora after they resigned from Patni
Computer Systems. The company was incorporated as "Infosys Consultants Pvt Ltd." with a
capital of 10,000 or US$1,250 (about $3,254 in 2016) in Model Colony, Pune as the registered
office.[12] It signed its first client, Data Basics Corporation, in New York.[13] In 1983, the
company's corporate headquarters was relocated from Pune to Bangalore
It provides software development, maintenance and independent validation services to
companies in banking, finance, insurance, manufacturing and other domains.[29]
One of its known products is Finacle which is a universal banking solution with various modules
for retail and corporate banking
Infosys was ranked 15th largest IT services provider in the world by HfS Research in its
2013 ranking.
Infosys was ranked 19th on the world's most innovative companies list by Forbes.[60]
Infosys was in the list of top twenty green companies in Newsweek's Green Rankings for
2012.
The company has been voted India's most admired company in The Wall Street Journal
Asia 200

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