Byju’s to form committee to advise CEO on board, governance
Board Advisory Committee (BAC) to guide and advise the beleaguered edtech major on the composition of its board and governance structure, CEO Byju Raveendran told shareholders on Tuesday. The BAC will serve as a working group consisting of independent directors with credible backgrounds and relevant experience from diverse corporate fields, as per a memo of the minutes of a shareholders’ meeting that ET has reviewed.
“Its primary purpose will be to provide advice and guidance to the CEO on matters pertaining to the composition of the board and the governance structure suitable for a company of Byju’s scale, size, and performance aspirations,” the memo added. The extraordinary general meeting (EGM) was held virtually on July 4, Byju’s confirmed in a statement Thursday.
“Byju's had a very constructive EGM with its 75+ shareholders on Tuesday morning IST… There was absolutely no change with the change of the CEO,” it said on Twitter.Also read | Byju’s breaking bad: Will Indian startups feel the aftershocks? The meeting also had participants discuss board reconstitution. A Byju’s spokesperson did not respond to ET’s request for details on the same, among other queries about the meeting.
The management and shareholders decided to hold another EGM in about three weeks to discuss the members and composition of the BAC. According to the memo, Raveendran said Byju’s is much larger than any individual, and the decisions made will be in the best interest of the company.
The shareholders also discussed the company’s negotiations with debt holders, updates on the onboarding of BDO as statutory auditors, progress of the audit process, among others topics. Raveendran also informed the attendees about the ongoing negotiations with
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