Byju's To Set Up Board Advisory Committee To Guide Governance The committee will consist of independent directors and will focus on strategic advice related to the composition of the board and the governance structure suitable for Byju's scale and aspirations
By Teena Jose
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Edtech firm Byju's is taking steps to address its current challenges by forming a Board Advisory Committee (BAC) to provide guidance to the CEO and advise on the company's governance structure. According to media reports, the committee will consist of independent directors and will focus on strategic advice related to the composition of the board and the governance structure suitable for Byju's scale and aspirations.
Based on the discussions held by CEO Byju Raveendran, the BAC will serve as a working group consisting of independent directors with credible backgrounds and relevant experience from diverse corporate fields. At the meeting, Raveendran reportedly addressed the importance of assembling a board that aligns with the ambitious goals of Byju's. "Byju's is much larger than any individual, and the decisions made will be in the best interest of the company," he said in a statement
Furthermore, the CEO assured shareholders that the term loan B resolution, Aakash initial public offering (IPO), and the financial audits for fiscal years 2022 and 2023 are being addressed. The newly appointed CFO, Ajay Goel, informed shareholders that the FY22 audit will be completed by September, while the FY23 audit is expected to conclude by December.
Byju's has also decided to hold another EGM, approximately in the next three weeks, to give an update on all the discussed issues. Earlier reports had stated that shareholders of the company are demanding for Byju Raveendran to take a backseat and let someone else step in as CEO. However, the company denied that the change of CEO was discussed at the meeting.
"I can confirm that at the EGM, there was no discussion on potential CEO change. This topic never came up and was not on the EGM agenda," said Saurabh Gupta, Managing Partner at DST Global and one of the shareholders.
