Persistent recognized for corporate governance

BANGALORE, INDIA: Persistent Systems, a provider of outsourced software product development (OPD) services, on Tuesday announced that 2011 IR Global Rankings (IRGR) has ranked the company amongst the best top five companies that follow ‘Corporate Governance Practices’ in India.

Persistent Systems shares this distinction with other leading companies such as Infosys, Kotak Mahindra Bank, Hindustan Unilever and Nucleus Software Exports.

IRGR is a comprehensive ranking system for online annual reports, corporate governance practices, financial disclosure procedures and investor relations websites and is supported by global institutions such as Arnold & Porter, KPMG, MZ and Sodali. They follow an extensive methodology based on technical proprietary research for ranking.

“We are honored to be recognized for our corporate governance practices by the IRGR,” said Vivek Sadhale, company secretary and head — Legal & Investor Relations.

“At Persistent, we believe corporate governance is an approach to sustainable development. Good Governance is an essential ingredient of good business. This ranking strengthens our commitment towards following transparency, accountability and integrity in all our operations towards all our stakeholders,” he added.

The rankings are assigned based on assessment under different categories under Corporate Governance viz. remuneration & performance, board accountability, capital structure, shareholder protection, shareholder meetings, internal control mechanisms and financial statements & disclosure.