Infosys CEO Salil Parekh’s salary rises 27% to $6 million, HR News, ETHRWorld

BENGALURU: Infosys CEO Salil Parekh’s compensation rose 27% to $6.1 million in 2019-20, compared to $4.8 million in the year before, according to the company’s filing with the US Securities and Exchange Commission (SEC). The compensation includes salary, bonus/incentives, value of RSUs granted and long-term benefits.

Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services. COO UB Pravin Rao’s compensation rose 29% to $2.2 million, while the two presidents, Ravi Kumar and Mohit Joshi, saw their remuneration rise to $3 million and $3.2 million, jumps of 25% and 24.6% respectively.

The SEC filing calls out a number of risk factors emerging from Covid-19. “Our ability to continue to deliver service delivery obligations while our employees work from home are sometimes constrained by contractual terms with our clients and are therefore dependent on receiving the requisite approvals from them in time. Since few of our clients did not give us the required permissions, or there were delays in obtaining them, our service delivery was marginally disrupted, impacting our revenue and profitability;” it said.

The company said the financial stability of its clients may get affected or they may file for bankruptcy, jeopardising Infosys’s ability to collect account receivables and unbilled revenue. “Clients may invoke contractual clauses and/or levy…