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
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