
We are guided by globally recognized principles of corporate governance and remain steadfast in upholding transparency, fairness, and responsibility in all aspects of our operations. As we evolve in a rapidly changing environment, we continue to strengthen our governance practices to support responsible growth which enables us to Outcreate value with discipline and purpose.
We are also advancing the integration of environmental, social, and governance (ESG) considerations into our strategy, decision making processes, and risk framework, thereby, recognizing their critical role in shaping resilient and future-ready enterprises.
Our Board of Directors exercises its independent oversight across key governance aspects beyond routine business operations and financial matters, including enterprise risk management, internal controls, and regulatory compliance. This ensures that the risks across strategic, operational, financial, regulatory, and ESG dimensions are proactively identified, assessed, and mitigated.
Through vigilant oversight directly or through its committee(s), the Board continues to uphold the highest standards of governance in line with globally accepted practices.
Our Governance Principles
As a leading technology enterprise, we strive to adhere to the following governance principles:
Act in both the spirit and letter of the law, ensuring that compliance is driven not only by legal mandates but also by sound judgment, ethical intent, and responsible conduct.
Do what is right, not merely what is expedient, placing integrity, fairness, and long-term value creation above short-term considerations.
Maintain complete transparency in our operations through accurate, timely, and complete disclosures that enable informed stakeholder decision-making.
Foster openness and clarity in communications, strengthening trust, accountability and constructive engagement across all stakeholder groups.
These principles guide our actions and reinforce a culture where governance supports not only compliance, but also responsible innovation and business creativity.
Governance Structure and Strategy
Our governance structure is designed to promote effective, transparent, and consistent conduct across all functions and levels of the organization. Anchored by the Board of Directors as the apex governing body, our framework operates through a robust, multi layered model that ensures clear oversight, accountability, and disciplined decision-making.
We have adopted a comprehensive suite of governance policies and practices that embed ethical conduct, transparency, and accountability throughout the organization. This enables us to institutionalize governance aligned with our responsible business practices while strengthening our ability to create sustained value.
Through this structured approach, we continue to align governance with our strategic priorities, ensuring that our decisions are informed, responsible, and aligned with long-term stakeholder interests.
Governance by Executive Management
Our executive management, operating as the layer below the Board, is responsible for executing business strategies with optimum efficiency and discipline, while ensuring alignment with the objectives and targets set by the Board.
They play a critical role in translating strategy into action, embedding governance into day-to-day operations, and ensuring that business performance is delivered in a manner consistent with our values, policies, and longterm vision.
Governance by the Board and Committees
Our Board of Directors, supported by its various committees, leads governance at LTM by providing strategic direction, oversight, and stewardship to ensure sustainable long-term growth.
The Board operates through a structured committee framework with clearly defined mandates, authority, and accountability. This governance architecture enables disciplined decision making, effective risk oversight, regulatory compliance, and the promotion of ethical conduct across the organization, aligned with globally accepted governance standards.
Collectively, the Board is responsible for setting the tone at the top, overseeing management performance, safeguarding stakeholder interests, and ensuring adherence to the highest standards of corporate governance.
(Details on the functions, composition, meetings, and attendance of each of the Committees are provided in the ‘Corporate Governance Report’ section of this Integrated Annual Report.)
Board Expertise
At LTM, we recognize that the strength of our governance is deeply influenced by the diversity and expertise of our Board. Each Board member brings a unique combination of skills, experience, and domain expertise, thereby enriching the quality of deliberations and enabling informed, balanced, and responsible decision-making.
By leveraging this collective wisdom, we strengthen our strategic direction, enhance our ability to navigate complex business issues , and deliver creative business solutions to our clients, to create long-term value.
| Skill Cluster | Expert^ | Proficient^ |
|---|---|---|
| Strategy & Planning | 9 | 0 |
| Governance, Risk and Compliance | 9 | 0 |
| Global Experience/International Exposure | 7 | 2 |
| Information Technology | 5 | 4 |
| Client Engagement* | 2 | 1 |
| Stakeholder Engagement and Industry Advocacy* | 3 | 0 |
| Contributor and Collaborator | 9 | 0 |
| Finance, Accounts and Audit | 8 | 1 |
* Not applicable for Independent Directors
^ Skills have been mapped
for directors who have served throughout
the year
Board Committee Expertise
Age profile (%)
Experience Distribution (%)
Diversity (%)
Board Composition
Board Committees
As per the regulatory mandates, various Board committees have been constituted for the purpose of monitoring governance at LTM.
Chairman
SIC NRCNon-Executive Director
AC SICWhole-time Director & Chief Financial Officer
Chief Executive Officer & Managing Director
SRC NRC CSR SICIndependent Director
NRC CSRIndependent Director
AC SRCIndependent Director
RMCIndependent Director
CSR NRCIndependent Director
SRC ACIndependent Director
AC RMC
S. N. Subrahmanyan Chairman
Mr. S. N. Subrahmanyan (SNS) is the Chairman & Managing Director of Larsen & Toubro, a multi-billion-dollar conglomerate, spanning across Engineering, Infrastructure, Information Technology and Financial Services. He also holds diverse leadership positions as Chairperson of L&T Finance, Chairman of LTM, and Chairman of L&T Technology Services.
SNS, over the years, has played a pivotal role in guiding the Company's infrastructure business to become the largest in India and among the biggest globally. Now, he is focused on driving L&T's diverse business interests towards new heights by leveraging the power of digitalization, technology, energy transition and fostering a people-centric culture. This multipronged approach has already started pivoting L&T into a tech-driven engineering solutions and services powerhouse.
Hailing from Chennai, SNS embarked on his professional journey with L&T in 1984 as a Project Planning Engineer with a degree in Civil Engineering from the National Institute of Technology, Kurukshetra and a postgraduate degree in Business Management from Symbiosis Institute of Business Management, Pune. He furthered his education with an Executive Management Program from the London Business School. Mentored by industry stalwarts, he took on roles of increasing responsibility across various business verticals and joined the L&T Board in 2011.
Notable achievements under SNS's leadership include the execution of diverse projects like the Statue of Unity, airports at Bengaluru, Hyderabad, and New Delhi, ITER Cryostat, Dual Feed Crackers, Offshore Platforms, K9 Vajra, Atal Setu, Ayodhya Ram Mandir, in the offing Bullet Train and more, each recognized for being the ‘tallest’, ‘largest, ‘longest’, ‘smartest’, ‘most complex’, or ‘first’ in their respective categories. His entrepreneurial mindset propelled L&T into untapped geographies, including the Middle East, Africa, and ASEAN, establishing the Company's credentials globally. This has led to L&T being recognized among Asia’s Most Honored Companies by Institutional Investor, the Company of the Year by Business Standard in 2020, among the world's best employers on the Forbes' list and as a certified 'Great Place to Work' for the third consecutive year in 2025.
SNS himself has garnered numerous accolades. In 2025, he was named the ‘Best CEO’ in the ‘Super Large Corporate’ category by Fortune Magazine. SNS won the Eminent Engineer award from the Engineering Council of India in 2024. Apart from being featured on the cover of Fortune magazine’s October 2023 edition as India’s Best CEO, he is also the winner in the Infrastructure & Engineering category of the Business Today-PwC India’s Best CEOs ranking in March 2022, was ranked 8th in the Construction Week Power 100 Ranking for 2022 and was honored as the Infrastructure Person of the Year in 2012. In 2020, he achieved the Top CEO (Sell Side) and the 3rd Best CEO (Overall) in the All-Asia Executive Team Survey conducted by Institutional Investor and was recognized as the CEO of the Year by the leading Indian news channel, CNBC-Awaaz. His exemplary leadership was also recognized with the Emergent CEO Award in 2019, and he received the Leading Engineering Personality award from the Institution of Engineers (India) in 2014.
SNS holds prominent positions within various industry bodies, construction institutions and councils, showcasing his influential presence in these domains. He serves as the regular honorary chairperson of the Board of Governors at the National Institute of Technology-Rourkela and the National Institute of Technology-Durgapur, positions bestowed upon him by the Education Ministry. In February 2021, he was appointed by the Union Ministry of Labour & Employment as the Chairman of the National Safety Council for two years. In this capacity, he guided the council in playing a crucial role in ensuring workplace safety under the new Occupational Safety, Health, and Working Conditions Code, 2020 (OSH Code, 2020).
Beyond his professional pursuits, SNS embodies a diverse range of interests that reveal the multifaceted dimensions of his personality. A cricket aficionado and a passionate runner, he emphasizes the importance of physical activity through his daily walks and runs. Notably, his appreciation extends beyond sports and fitness, as he also finds solace and passion in the world of Western classical music.

Venu Lambu CEO & Managing Director
Mr. Venu Lambu is a visionary leader with over 30 years of experience in driving strategy and hyper-growth in the Technology and Services Industry. He has a proven track record of enabling businesses to transition to digital, building and managing high-performance teams, and executing successful business turnaround initiatives.
A recognized thought leader, Mr. Lambu has been a strong advocate for the value propositions of applications, cloud services, infrastructure, and edge computing. Passionate about AI adoption, he deeply believes that AI can unlock significant productivity across large enterprises. A strong believer in the power of people, Venu fosters a culture of empowerment, collaboration, and continuous learning. He is known for his ability to build high-performing teams that thrive on trust, innovation, and a shared vision for success.
He is a member of the Forbes Technology Council and chairs multiple customer advisory councils across North America and Europe.
Before rejoining LTM (Formerly known as LTIMindtree), Venu served as the CEO of Randstad Digital, the USD 3 Billion digital arm of Randstad, focused on enabling digital talent across global clients and leveraging Global Capability Centers (GCCs) in India to drive revenue through a people-centric approach.
Prior to that, as President and Executive Director at Mindtree, he led global markets, delivering consistent and profitable growth, creating one of the industry’s best enterprise value creation case studies. He also served as the executive sponsor for several strategic engagements and was a board member of Cope Health, supporting healthcare business incubation initiatives.
Venu holds a Bachelor’s degree in Electronics Engineering from the National Institute of Engineering, Mysore, India and General Management Certification from the London Business School.

R. Shankar Raman Non-Executive Director
Mr. R. Shankar Raman is a qualified Chartered Accountant and a Cost Accountant. Over the past 42 years, Mr. Shankar Raman has worked in varied capacities in the field of Finance. He is currently the President, Whole-time Director & Chief Financial Officer of Larsen & Toubro.
Mr. Shankar Raman joined L&T Group in November 1994 to set up L&T Finance, which was a wholly owned subsidiary of Larsen & Toubro.
Over the years, Mr. Shankar Raman has assumed responsibilities to oversee the entire Finance function at the Group level, including functions like Risk Management, Investor Relations, Mergers & Acquisitions, and Legal. He was appointed as Chief Financial Officer of Larsen & Toubro Limited in September 2011 and subsequently elevated to the Board on October 1, 2011. He is also on the Board of Management of several companies within the L&T Group.
Mr. Shankar Raman has been the recipient of several awards, such as Best CFO of Asia in the Industrial Sector in a survey conducted by the prestigious New York-based Institutional Investor magazine, winner of Best CFO awards from CNBC TV18, Financial Express, and Business Today. He is also the recipient of the Lifetime Achievement Award in the field of Finance from Financial Express.
Mr. Shankar Raman is the past Chairman of CII’s CFO National Committee. He was also a member of Uday Kotak’s Committee on Corporate Governance, SEBI’s Corporate Bonds and Securitization Advisory Committee (CoBoSAC) and the Advisory Committee to the Insolvency and Bankruptcy Board of India (IBBI).

Vipul Chandra Whole-time Director & CFO
Mr. Vipul Chandra served as the Chief Financial Officer of LTM Limited (Formerly LTIMindtree Limited) before being inducted on its Board as a Whole-time Director & Chief Financial Officer.
A seasoned financial leader with over three decades of experience, Mr. Chandra brings deep expertise in financial markets, risk management, banking operations, and strategic treasury management. Before assuming his current role, Vipul led the Treasury and Corporate Finance function at the Larsen & Toubro Group, where he played a pivotal role in capital structuring, fund raising, financial risk oversight, and executing high-impact strategic transactions including IPOs, OFS, share buybacks, and divestments across the group’s portfolio.
Earlier in his career, Vipul was also the Managing Director and Head of Corporate Sales & Structuring at Citibank, overseeing the bank’s foreign exchange and derivatives business across the Indian subcontinent.
Vipul holds a bachelor’s degree in Electronics Engineering from Delhi College of Engineering and an MBA from IIM Calcutta, one of India’s premier business schools.

Sanjeev Aga Independent Director
Mr. Sanjeev Aga spent his formative business years with Asian Paints in field sales and marketing responsibilities. He later headed the Furniture and Leo-Mattel Toys businesses of the erstwhile BlowPlast, now VIP Industries, before leading that company as Managing Director from 1993 to 1998. Subsequently, Mr. Aga was Managing Director of Aditya Birla Nuvo, and later, the Managing Director of Idea Cellular in its breakout years, before he stepped down in 2011.
In 2009, Mr. Aga received the ET Award for the Emerging Company of the Year on behalf of Idea Cellular. In the same year, Indira Innovation named him CEO of the Year, and in 2010, TeleNet felicitated him for Outstanding Contribution to the Telecom Sector. In 2010, Forbes magazine shortlisted Mr. Aga for the Person of the Year. The Scindia School conferred upon him the Madhav Award 2014 for the Old Boy of Eminence.
Mr. Aga now engages in advisory and Board roles for reputed corporates and not-for-profit organizations. He also serves on the Board of other listed and unlisted companies.
Mr. Aga did his schooling from Scindia School, Gwalior, graduated with Physics Honors from St. Stephen’s College, Delhi and is a Business Management postgraduate from IIM Calcutta.

James Abraham Independent Director
Mr. James Abraham is the Co-Founder of Mynzo Carbon, an AI platform to manage large forestry assets for carbon removal.
He was one of the Founding Partners of the Boston Consulting Group (BCG) in India from 1998 to 2009, leading the expansion of the firm into New Delhi. He has been involved across sectors, including power, transport, infrastructure, telecom, and consumer goods, covering a range of issues from business planning and acquisitions to organization development and financial structuring.
He later led SunBorne Energy and co-founded SolarArise, developing utility-scale solar-power plants. SolarArise was one of the first to deliver solar power at tariffs lower than coal power. In 2022, the firm was sold to a listed Investment Trust in the UK.
Mr. Abraham is a fellow of the Aspen Global Leadership Network, the Kamalnayan Bajaj Fellowship of the AnantaAspen Center. He serves on the Board of various companies and non-profits.
Mr. Abraham earned a Bachelor of Science degree in Electrical Engineering from the University of Waterloo, an MBA from Wharton, and an MA (International Relations) from Johns Hopkins University.

Vinayak ChatterjeeIndependent Director
Born in 1959, Mr. Vinayak Chatterjee graduated in Economics (Hons.) from St. Stephen’s College, Delhi University (1976-1979) and studied MBA from the Indian Institute of Management, Ahmedabad (1979 – 1981). He co-founded Feedback Infra Pvt. Ltd., a consulting-engineering company, in 1990 and served as its Chairman from 1990 to 2021. Since stepping down from active management, he now devotes his time and energy to infrastructure policy, advocacy, and capacity building. To this end, he recently founded The Infravision Foundation, where he serves as Managing Trustee.
Mr. Chatterjee has often been called upon to play a strategic advisory role for leading domestic and international corporates, the Government of India, various ministries dealing with infrastructure, as well as multilateral and bilateral institutions in the areas of infrastructure policy, planning and implementation. He is one of the leading proponents of the Public-Private Partnership (PPP) model for developing India’s infrastructure. One of his more recent engagements with the Government of India relates to being a member of the committee on setting up a DFI (Development Finance Institution). He has also chaired various Infrastructure Councils at the national level of the Confederation of Indian Industry (CII) since 2001.
In 1998, the World Economic Forum at Davos recognized Mr. Chatterjee as one of the 100 Global Leaders of Tomorrow. In 2011, the Indian Institute of Management Ahmedabad conferred him the Distinguished Alumnus Award.
He is on the Board of Directors of Apollo Indraprastha Hospital, Delhi, Apollo HealthCo, KEC International Limited, and is also an advisor to some infra companies.
Mr. Chatterjee is a well-read columnist and writes a monthly column on infrastructure for Business Standard called ‘INFRATALK’. He has authored a book titled ‘Getting it Right – India’s Unfolding Infrastructure Agenda’, published in 2011.

Apurva Purohit Independent Director
Ms. Apurva Purohit is an Indian Businesswoman with over three decades of experience in the corporate world, where she formed significant partnerships with private equity firms and promoters to build and scale up a diverse set of businesses from early-stage fledgling businesses, to setting up new ventures and supervising turnarounds in mature and declining organizations.
In her last tenure at Jagran Prakashan Ltd., a multimedia conglomerate, Ms. Purohit pivoted the group from a deeprooted reliance on its traditional print businesses to a focus on new-age emerging businesses. The strategies adopted under her tutelage and her emphasis on excellence in implementation increased both the scale and the profitability of these businesses manifold.
She has worked across a variety of media businesses from radio to print to digital and was responsible for building and scaling up Radio City to become a leader in the FM radio space, and subsequently listing it on the stock exchanges in 2017. She was responsible for creating Lodestar, one of the largest media buying agencies in the country today, and envisioning Times of India’s entry strategy into television, and has worked on famed turnarounds like Zee TV.
Under her people-oriented leadership and focus on building a great culture, one of her portfolio companies, Radio City, was consecutively featured in the Great Place To Work survey for 7 years in India and amongst the Best Places to Work in Asia and has become a case study on building high-impact cultures which have a direct correlation to profitability.
Ms. Purohit is an Independent director at LTM Limited (Formerly known as LTIMindtree Limited), L&T Technology Services Limited, L&T Reality Properties Limited, Navin Fluorine International Limited, Schloss Bangalore Limited and an advisor to private equity fund Amicus Capital. Ms Purohit is the Co-founder of Aazol Ventures Private Limited, a social impact consumer products venture that connects farmer communities and women self-help groups who grow or make traditional, local food products with urban consumers looking for healthier and more nutritious food choices. Aazol aims to create impact by generating employment in the regions where these communities reside.
She has been a leading voice in the Indian business landscape, advocating gender diversity, what ails it, and what organizations and leaders can do to improve this critical imperative. She is also the author of the two national bestselling books “Lady, You’re not a Man” – the Adventures of a Woman at Work and Lady, You’re the Boss!
Over the years, she has won multiple business awards and has been repeatedly named as one of the Most Powerful Women in Business as per the India Today Group and Fortune India. She was awarded the Distinguished Alumni Award from IIM Bangalore in 2022.
She holds a Bachelor’s degree in Science (Physics) and completed her PGDM from IIM- Bangalore. She was a statelevel hockey player and played for Tamil Nadu State and Tamil Nadu University

Bijou Kurien Independent Director
Mr. Bijou Kurien is a highly regarded consumer leader with more than 40 years of experience in developing brands, businesses, and establishing organizations. He has worked with prominent brands in the fast-moving consumer products, consumer durables, and retail sectors in India. Upon completing his PGDBM at XLRI Jamshedpur, he began his career at Hindustan Unilever as a Management Trainee in 1981. Throughout his accomplished tenure of more than six years, he held multiple positions in sales and marketing.
Subsequently, he transitioned to the start-up team at Titan, the largest manufacturer and marketer of watches and jewelry in India. He assisted in the creation of some of India’s most sought-after lifestyle and accessories brands, and played a key role in building the largest exclusive brand retail chains. During his 19 years at Titan, he contributed significantly to the company’s success and established the groundwork for India’s most valued consumer lifestyle brands, such as Titan, Tanishq, Fastrack, etc.
Motivated by the chance to establish a new standard in Indian retail, he took on the role of President & CEO at Reliance Industries for their bold retail initiative, Reliance Retail. He played a key role in its establishment and development from 2006 to 2014. Currently, Reliance Retail stands as a leader in Indian retailing and ranks among the fastest-growing retailers globally.
Mr. Kurien has transitioned from operational roles to advisory positions within private equity firms and their investee companies. He is presently a member of the Advisory Board of Premji Invest, helping companies like Lenskart, GIVA and others to evolve into unicorns and beyond. He serves as the Chairman of the Retailers Association of India (RAI), reflecting his extensive involvement in the growth of retail in India. He has been part of the World Retail Congress (WRC) since it was established in 2007. Alongside these positions, he holds the role of Independent Director on the Boards of various listed and unlisted companies across the technology, infrastructure, hospitality, and education sectors.

Chandrasekaran Ramakrishnan Independent Director
Mr. Chandrasekaran Ramakrishnan has had an exemplary career spanning more than 34 years in Information Technology. He retired as Executive Vice Chairman of Cognizant India in March 2019. He serves on the Board of other listed and unlisted companies, and is also part of the Chairman’s Council, NASSCOM.
He joined Cognizant as a member of the founding team. He has been widely recognized as a significant contributor to growing the company to over 250,000 employees, USD 16 Billion+ in revenue and establishing the global delivery footprint.
After earning his engineering degree from Regional Engineering College, Trichy (National Institute of Technology), he started his career with Ashok Leyland, where he spent four years. After his MBA from the Indian Institute of Management Bangalore in 1985, he joined TCS, where he held positions of increasing responsibility and stature, including stints in the UK and the US.
Mr. Ramakrishnan is very passionate about education and is on the Advisory Board of Thiagarajar College of Engineering, Madurai. He is an active supporter of social causes, sponsoring education for underprivileged children, promoting digital literacy in rural areas, offering scholarships to deserving students in NIT, and also supporting research in IIM Bangalore.