Coforge appoints Egon Zehnder to look for leaders

New Delhi, Coforge Ltd, the IT services firm, has hired Egon Zehnder, a global executive search firm, to find two additional independent directors. This decision came after its Chairman and Nomination and Remuneration Committee head, DK Singh, resigned, accusing the other independent directors of disagreements and tension. Coforge refuted Singh's claims as unfounded, stating that his resignation followed an internal audit that revealed governance issues in how he and former Chairman OP Bhatt handled a board evaluation.

The internal audit, overseen by Audit Committee chairperson Anil Chanana, expanded its scope to include a broader review of the company's governance practices. Chanana explained that the audit covered the reporting of matters to the board and its committees across various aspects such as regulatory, financial, strategic, risk, ESG, BRSR, CSR, investor grievances, whistleblower, and internal control areas.

The resignation of Singh and Bhatt, both non-executive independent directors, followed the internal audit's findings that they had withheld crucial board evaluation reports, including the lowest rating for the Chairman's category from other board members. Coforge's CFO, Saurabh Goel, assured that the current quarter was on track to be the one with the highest number of large deals in the company's history, and FY27 guidance remained unchanged.