Days after data compiled by it showed that Tata Consultancy Services (TCS) will have to appoint a non-executive chairman to comply with the Securities and Exchange Board of India (SEBI) norms, Prime Database today said the IT major is already in compliance with the requirement.
TCS was among the 291 companies mentioned by Prime Database that were required to appoint non-executive chairpersons, including by splitting the CEO/ MD and chairperson position.
Last week, the leading data provider came out with a report saying that a total of 291 companies (or 58.2 percent) out of top 500 NSE listed entities by market capitalisation would have to appoint non-executive chairperson in order to comply with Sebi norms. In a statement, Prime Database today said that "TCS already has separate MD/CEO and Chairman". The report was based on data available till July 18.
N Chandrasekaran, chairman of Tata Sons, is the Non-Executive Chairman of TCS. Rajesh Gopinathan is the Managing Director and CEO of the IT major. Under the new SEBI norms, the top 500 listed entities will have to ensure that the chairperson is a non-executive director from April 1, 2020. It will eventually lead to a split in the post of chairman and managing director
These norms are part of the series of recommendations given by the SEBI-appointed Kotak committee on corporate governance.
