I had the privilege of attending the 32nd Annual
General Meeting of Infosys at Bangalore yesterday. As usual, the extremely well-orchestrated
event was attended by the Board, the Executive Council and a spectrum of share-holders.
Now, back to the headline grabbing agenda item of the AGM-
The reappointment of NRN as a Director thereby paving the way to formally become
the Executive Chairman of Infosys. The voices that supported the move certainly
outnumbered the ones that wanted to reject the appointment.
NRN has been stating that the move from the Board offering
him a seat back at the helm was both unexpected and unusual. Would have loved
to hear something more. That it was unacceptable as well.
There were rich references to the Indian ethos; it is the duty
of the father to do a course correction when the kids need help. Yes, it is the
duty of the father to advise the kids and be a MENTOR. When the son fears
failure in exams, he can ask his father to spend some time with him to
understand the subject better. You just can’t ask your father to appear in the
Board Exams for you. I am afraid at this rate, NRN may be asked to code as well
before his five year term ends.
As an accountant, I always believe that debits and credits
always match. What is with the Airtel video equivalent annual remuneration? Is
the work of turning around a $ 7 Bn enterprise trivial or is this charity at its peak. I
am sure a lot of us know that there is no such thing as a A Free Lunch.
As far as my assessment goes, it could well be the cost of
guilt of not creating a true leader before the first call of retirement
beckoned. By not letting the next gen to take decision and make mistakes and so that they could learn faster, he has taken it on him to execute the course
correction all by himself again.
I am afraid history will repeat itself in a few years. These
five years should be spent on nurturing leaders and not create a coterie again.
We know that he is the best man to do the job, but again it looks like Infosys
and its shareholders would be happy with fish for dinner and not the fishing
rod that will be able to feed them for a lifetime. I am afraid this knee jerk
reaction will end up creating an eternal Re 1 pension for the founder.
And if there is an emotional connect that drives him back to
Infy which he claims rightfully as his middle child, why would his son also
have to tag along at Re 1 per annum. Or Is it a case where the third child bears the
burden of the failure of an elder sibling? This is one Bollywood potboiler
waiting to unfold in all its splendor over the next five years.
Disclosure: I just hold a single share of Infosys and that is for two reasons. One- it is like a memento of the institution where I spent well over five years of my professional life. The second is a little less sentimental; I get a lavish wedding reception-like snacks once a year for the rest of my life.
