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20 Cultivating the Future Directors' Report Directors’ Report Changes to Equity Share Capital Your Company allotted 160,716 equity shares of ` 10/- each, to various Mindtree Minds and to Directors on exercise of stock options under various stock option plans/ Mindtree Employee Restricted Stock Purchase Scheme (ESPS) during 2015-16. In addition, the members are aware that the Company had issued and allotted 83,893,088 equity shares of ` 10/- each as Bonus Shares. Consequently, the paid-up equity share capital has increased from ` 837,323,720 as on March 31, 2015 to ` 1,677,861,760 as on March 31, 2016. Infrastructure In the beginning of the year, your Company had 19,21,869 sq. ft. of space consisting of 14,860 seats spread across various locations in India apart from Mindtree Kalinga – Training and residential facility for 500 campus minds. Following are the key changes made during the year. Bengaluru-Mysore Road: Your Company added 110,000 sq. ft. consisting of 1,248 seats. Bengaluru-Whitefield: Your Company carried out interiors for about 100,000 sq. ft. own facility consisting of 974 seats. This facility also will have LEED Platinum certification. Chennai: Your Company added 46,500 sq. ft. consisting of 454 seats. Bhubaneswar: Your Company added about 292 seats in the existing facility. Currently, expansion of existing facility by about 30,000 sq. ft. is in progress. This is likely to be ready for occupation by June 2016. In addition, your company will take up construction of Software Development Block Building measuring about 180,000 sq. ft. shortly. This is likely to be ready for occupation in 2 years’ time. In all, your Company has sufficient capacity to meet its growth needs over short and medium terms. Your Company has prioritized adopting Sustainable best practices in accordance with LEED green building design for creating & maintaining workplace infrastructure projects. Details of Subsidiary Companies, Joint Ventures and Associate Companies and their financial position The details of subsidiaries as on March 31, 2016 are as follows: Sl. Name of Subsidiary Date of Incorporation/ Country Business No. Acquisition 1 Mindtree Software (Shanghai) Company Limited January 29, 2013 China Information Technology Services 2 Discoverture Solutions, LLC February 13, 20151 USA Information Technology Services 3 Relational Solutions Inc. July 16, 20151 USA Information Technology Services 4 Bluefin Solutions Limited July 16, 20151 UK Information Technology Services 5 Magnet 360 LLC January 19, 20161 USA Information Technology Services Step Down (Subsidiary of Discoverture Solutions, LLC) 1 Discoverture Solutions ULC2 February 13, 20151 Canada Information Technology Services 2 Discoverture Solutions Europe Limited3 February 13, 20151 UK Information Technology Services Step Down (Subsidiary of Bluefin Solutions limited) 1 Bluefin Solutions Pte Limited July 16, 20151 Singapore Information Technology Services 2 Bluefin Solutions Inc. July 16, 20151 USA Information Technology Services 3 Bluefin Solutions Sdn Bhd July 16, 20151 Malaysia Information Technology Services 4 Blouvin (Pty) Limited July 16, 20151 South Africa Information Technology Services Step Down (Subsidiary of Magnet 360, LLC) 1 Reside, LLC January 19, 20161 USA Information Technology Services 2 Numerical Truth, LLC January 19, 20161 USA Information Technology Services 3 M360 Investments, LLC January 19, 20161 USA Information Technology Services 1 Date of acquisition 2 Liquidated on November 19, 2015 3 Application for dissolution filed on March 24, 2016 The statement containing salient features of the financial statement of the above subsidiaries in Form AOC-1 is given in Annexure 1. People Making Mindtree a Great Place to Work The futuristic form of growth is collaborative growth and this can happen only when we put all our hands on the deck and give shape to the way we want to be. At Mindtree we strongly believe that Mindtree Minds should have a lot of say in how they should be engaged. With about 82.54% of Millennials at Mindtree we wouldn’t have it in any other way! Mindtree aspires to become a Great Place to Work where Mindtree Minds trust who they work for, take pride in what they do and enjoy the company of the people they work with. We strongly believe that engaged Mindtree Minds are critical in achieving our business goals and building a sustainable organization. 20 Cultivating the future Directors’ Report In our pursuit to transform Mindtree into a Great Place to Work, we are reinforcing our culture of partnering with Mindtree Minds in creating a congenial work environment. In continuation to MiVoice, Mindtree’s people experience survey done in collaboration with (Great Place to Work) GPTW, a set of dedicated leaders are anchoring initiatives on the four identified themes (Care for a fellow Mindtree Mind, Bottom-Up Communication, Career Growth & Learning and Visibility and Recognition) from the MiVoice Survey. This year 67.5% of Mindtree Minds have participated in the MiVoice survey to communicate their feedback, thoughts and ideas. An online platform called ‘i belong’ is created for Mindtree Minds to volunteer with the MiVoice Action teams. This attempt is to create an opportunity for Mindtree Minds to come forth and be part of the change. We, at Mindtree believe that Mindtree Minds don’t just work, but belong! We believe in investing today to realize our aspirations for Mindtree’s future. Hence we have ensured to list transforming Mindtree into a Great Place to Work among our 5 point strategy for 2015-16. Each Mindtree Mind is dedicatedly contributing towards making this happen. Our tag line says it all – Welcome to possible. It is definitely more than a slogan and attempts to reflect our approach to every engagement we explore with Mindtree Minds, the extended family of Mindtree, our customers, and our external partners. Building Leadership Pipeline at all Levels Exploring and creating different avenues to nurture the leadership skills for our talent pool has been in the ethos of Mindtree since its inception. We have aligned a gamut of leadership programs to suit the different levels of learner groups. We have embarked upon key learning journeys to upskill 50 leaders at an enterprise level, 100 women leaders and 50 leaders at an emerging leadership level. We have invested to grow our women talent through our focused efforts from 28% to 35% by year 2018, to bring in parity at work in Mindtree. We are focused on identifying and building our leadership pipeline at all levels right from the senior to the young budding potential talent. At Mindtree, a leader at the organization level is one who is agile in learning, self-aware and exhibits strength in one of the four competence areas - Ninja, Coach, Thought Leader and Rainmaker. Learning Agility is a summation of the 4 agilities – mental, results, change and people. While nurturing internal talent is given careful attention, we also ensure to balance our talent pool by recruiting the right talent from the market. This enables to create a fertile ground to grow a good quotient of diverse talent. Performance Management – Dropping the Bell Curve As a new age organization, we have attempted to relook at our performance management system. As a next step of progression we have dropped the Bell Curve and let go of the force rating approach. This is a big step for Mindtree wherein the rating assigned will only reflect the individual’s performance and not how he or she did in comparison to others. After having used the Bell Curve for a decade, we have decided to drop the Bell Curve and instead adopt a “Performance” Curve. To nurture and encourage 16,000+ Mindtree Minds to exhibit their best performance, we use a system based on the power law distribution method, which is gaining ground globally. Also known as the “long-tail” method, the aim is to identify hyper-high performers, high performers, potential high performers and so on till it reaches the tail end, or low performers. Our attempts to build the leadership pipeline is aligned with identifying the High-potential using individual performance focused approach. Headcount The total number of Mindtree Minds as on March 31, 2016 was 16,623 (including subsidiaries) as against 14,202 as on March 31, 2015. Disclosure as required under Section 22 of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 Mindtree as an organization is committed to provide a healthy environment to all Mindtree Minds and thus does not tolerate any discrimination and/ or harassment in any form. The Company has in place a Prevention of Sexual Harassment (POSH) policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Frequent communication of this policy is done in assimilation programs and at regular intervals to Mindtree Minds. Following are some of the awareness programs imparted to train Mindtree Minds and Internal Complaints Committee (ICC). 1. Every Mindtree Mind is supposed to undergo mandatory e-learning module on “Prevention of Sexual Harassment” at workplace. 2. The Internal Complaints Committee is trained by external agency when the committee members are on-boarded to the committee. 3. Policy of “Prevention of Sexual Harassment” at workplace is available on intranet for Mindtree Minds to access as and when required. Mindtree has setup an Internal Complaints Committee (ICC) both at the head office/ corporate office and at every location where it operates in India. ICC has equal representation of men and women and is chaired by senior lady mind and has an external women representation. ICC investigates the case and provides its recommendations to the apex authority. The apex authority upon receiving the recommendations from ICC arrives at the conclusion and acts upon such recommendations. Penal consequences of Sexual Harassment (“SH”) and the constitution of the ICC is displayed at conspicuous places.
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