Suzlon's Independent Director Resigns Citing Governance, Transparency Issues

Sulzon‘s Independent Director Marc Desaedeleer tendered his resignation from the company’s board.

What Happened: The company on Saturday informed the exchanges about Desaedeleer’s resignation. In his resignation letter, he stated that while he was very pleased with the operational and financial performance of the company over the last 18 months, he had concerns regarding compliance and transparency.

“Several situations occurred where the corporate governance standards applied by the company did not meet my expectations including situations where communications lacked the level of openness and transparency I would have liked to see,” he wrote in the letter.

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He added that he had discussed several of these situations with the chairman Vinod Tanti while some were shared with board members, and he also recently sent a note to Tanti covering these situations with the hope that this information can be used constructively.

Desaedeleer retired in early July 2018 from TRG (The Rohatyn Group) where he was a partner and a member of its Executive Committee. Prior to this, he was the Chief Investment Officer of Citigroup Venture Capital International (CVCI) Growth Fund I and Growth Fund II, respectively a $1.6Bn and a $4.3Bn Private Equity Fund focused on Emerging Markets. He joined the Suzlon Board in 2016.

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