ICRA reaffirms CGR1 rating assigned to Infosys
ICRA has reaffirmed the CGR1 rating assigned to the Corporate Governance Practices of Infosys Limited (Infosys).
The rating of CGR1 is the highest on Internet Content Rating Association (ICRA)'s Corporate Governance Rating (CGR) scale of CGR1 to CGR6, an Infosys press release said here today.
The CGR1 rating implies that in ICRA's current opinion, the rated company has adopted and follows such practices, conventions and codes as would provide its financial stakeholders the highest level of assurance on the quality of corporate governance. ICRA's opinion, however, is not a certificate of statutory compliance or a comment on the rated company's future financial performance, credit rating or stock price.
The reaffirmation of the highest CGR1 rating for Infosys reflects the company's multi layered and robust governance structure consisting of the Board of Directors, an executive committee, five committees of the Board and a management council. The rating considers the diverse and independent composition of the Board, the presence of an independent Chairman, the experience of the independent directors spanning diverse fields, an interactive and effective decision-making process with strong interaction between the Board and executive members.
The company also appears to have put in place effective succession planning policies which could lead to a seamless transition from the founder members to the next level of operational experts.
The company is committed to ensuring high levels of disclosures to its shareholders via multiple media outlets, the release said.