BANGALORE, India, October 20, 2016 /PRNewswire/ --
TO ALL STOCK
EXCHANGES
BSE LIMITED
NATIONAL STOCK
EXCHANGE OF INDIA LIMITED
NEW YORK STOCK EXCHANGE
EURONEXT
LONDON
EURONEXT
PARIS
October 19,
2016
Dear Sir/Madam,
In continuation to our intimation
letter dated October 14, 2016,
regarding the outcome of the Board Meeting, please find enclosed
the details of Key Managerial Personnel (KMP)
compensation.
This is for your information and
records.
Yours sincerely,
For Infosys Limited
A.G.S.Manikantha
Company Secretary
STOCK EXCHANGE INTIMATION
The Board of Directors in their meeting held on October 14, 2016, on the recommendation of
Nomination and Remuneration Committee, have approved the revised
annual compensation of U.B. Pravin
Rao, Chief Operating Officer and Whole Time Director of the
Company, with effect from November 1,
2016, subject to the approval of the shareholders.
Key Management Designation Fixed Salary Variable Salary
Personnel (KMP) in INR p.a in INR p.a #
U.B. Pravin Rao* Chief Operating 46,250,000 38,750,000
Officer
* revised salary and Restricted stock units( RSU)/ Employee
Stock Option ( ESOP) grants is subject to shareholders approval
# on achievement of targets set by the Board.
Based on fiscal 2016 performance, 27,250 restricted stock units
(RSU) and 43,000 stock options (ESOP) would be granted once
approved by Shareholders. This grant will be under the 2015
Stock Incentive Compensation Plan (2015 plan), approved by the
shareholders vide postal ballot dated March
31, 2016. These RSUs and stock options would vest over a
period of 4 years and shall be exercisable within the period as
approved by the Nomination and Remuneration Committee. The exercise
price of the RSUs will be equal to the par value of the shares and
the exercise price of the stock options would be the market price
as on the date of grant, as approved by the shareholders. RSUs and
stock options, in future periods, will be granted on achievement of
performance conditions, as may be decided by the Nomination and
Remuneration Committee.
The Board of Directors in their meeting held on October 14, 2016, on the recommendation of the
Nomination and Remuneration Committee, have approved the revised
compensation structure of Mohit
Joshi, Rajesh K Murthy, Ravikumar S, Sandeep Dadlani,
David Kennedy, M.D. Ranganath, Krishnamurthy Shankar and
Manikantha AGS with effect from November
1, 2016. The Audit committee in their meeting held on
October 13, 2016, resolved to include
Mohit Joshi, Sandeep Dadlani, Rajesh K Murthy, RaviKumar S.,
Krishnamurthy Shankar and David
Kennedy as key managerial personnel (KMP)as defined under
Ind-AS 24 - Related Party Disclosures effective from the date of
the meeting. Dr.Vishal Sikka,
U.B. Pravin Rao, M.D. Ranganath and Manikantha AGS are key
managerial personnel as defined under Section 2 (51) of the
Companies Act, 2013.
KMP Designation Fixed Salary Variable Salary
in USD p.a in USD p.a #
David Kennedy General Counsel &
Chief Compliance
Officer 557,500 472,500
Mohit Joshi President 625,000 500,000
Rajesh K. Murthy President 540,000 450,000
Ravi Kumar S. President 625,000 500,000
Sandeep Dadlani President 625,000 500,000
TOTAL in US $ per annum 2,972,500 2,422,500
Total in INR ^ per annum (A) 197,671,250 161,096,250
^ converted @ 66.50 per US$
KMP Designation Fixed Salary in Variable Salary
INR p.a in INR p.a #
M.D. Ranganath Chief Financial
Officer 20,000,000 20,000,000
Krishnamurthy Shankar Group Head -
Human Resources 23,430,204 18,615,000
Manikantha A G S Company Secretary 3,718,781 1,271,566
Total in INR per annum (B) 47,148,985 39,886,566
GRAND TOTAL (A+B) 244,820,235 200,982,816
Rounded off (In crore) 24 20
# on achievement of targets set by the Company.
Based on fiscal 2016 performance, aggregate RSU's of 245,750 and
ESOP's of 502,550 will be granted to the KMP as mentioned below
with effect from November 1, 2016
under the 2015 Stock Incentive Compensation Plan (2015 plan),
approved by the shareholders vide postal ballot dated March 31, 2016. These RSUs and stock options
would vest over a period of 4 years and shall be exercisable within
the period as approved by the committee. The exercise price of RSUs
will be equal to the par value of the shares and the exercise price
of the stock options would be the market price as on the date of
grant or the price as determined under the applicable law in
respective jurisdictions. The details of the Stock incentive units
to be granted is as under:
Maximum variable pay is limited to 150% of on target variable
pay if targets are exceeded
Number of Stock Incentive
units to be granted
KMP Number of RSUs Number of ESOPs
Mohit Joshi 52,350 112,750
Rajesh K. Murthy 45,000 96,900
Ravi Kumar S. 52,350 112,750
Sandeep Dadlani 52,350 112,750
M.D. Ranganath 30,650 48,400
Manikantha A G S 1,000 -
Krishnamurthy Shankar 12,050 19,000
TOTAL 245,750 502,550
This is a disclosure announcement from PR Newswire.