After a heavy round of bashing in the stock markets last week, there is finally some good news for IT major Infosys. Domestic credit rating agency ICRA has assigned the highest corporate governance rating (CGR) to Infosys Technologies Limited. Infosys was given the rating of CGR1 for its best practices and financial disclosure. This rating for Infosys is despite the ‘guidance’ issued by Nasdaq-listed IT major that its growth in earnings in this fiscal would be lower than last fiscal.ICRA managing director P. K. Choudhury said that “Infosys is the only company which has so far obtained the highest corporate governance rating. Earlier, ITC and Godrej consumer products obtained CGR2 ratings.” “The highest CGR for Infosys reflects transparent shareholding pattern, sound board practices, interactive decision making process, high level of disclosures, encompassing all aspects of the company’s operation and its track record in investor services,” Choudhury said. The highest rating was also attributed to the reporting of financial facts.
