The Hindu : Front Page : Narayana Murthy to join HSBC board

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Tuesday, Mar 04, 2008
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Narayana Murthy to join HSBC board

LONDON: Global banking giant HSBC on Monday said Indian IT major Infosys’ Chief Mentor N. R. Narayana Murthy would join its board in May with an annual renumeration of 65,000 pounds (about Rs. 52 lakh).

“Nagavara Ramarao Narayana Murthy CBE (61) has been appointed a Director of HSBC Holdings plc with effect from May 1. He will be an independent Non-Executive Director,” HSBC said in a regulatory filing here.

The appointment shall be for an initial three-year term, which would expire at the conclusion of the 2011 Annual General Meeting, it said.

As a non-executive director, Mr. Murthy will not have a service contract with HSBC Holdings and would be paid a Director’s fee of 65,000 pounds annually as authorised by shareholders at the 2006 AGM, it said.

A leading international financial conglomerate, HSBC Holdings serves over 125 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. According to the statement, the directors have determined that Mr. Murthy is independent and he has no interests in the shares of HSBC. — PTI

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