NarayanaMurthy to join HSBC board, get Rs 50 lakh/yr

Press Trust of India / London March 03, 2008

Global banking giant HSBC today said N R Narayana Murthy, chief mentor, Infosys Technologies, will join its board in May with an annual renumeration of 65,000 pounds (about Rs 52 lakh).

"Nagavara Ramarao Narayana Murthy (61) has been appointed a director of HSBC Holdings Plc with effect from May 1, 2008. 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 will expire at the conclusion of the 2011 annual general meeting, it said.

As a non-executive director, Murthy will not have a service contract with HSBC Holdings Plc, and would be paid a director's fee of 65,000 pounds per annum as authorised by shareholders at the 2006 annual general meeting, it said.