The Institutional Investor Advisory Services(IiAS) has recommended shareholders to vote against Anant Ambani’s appointment in the board of Reliance Industries Ltd (RIL).
In a note the advisory firm recommended to voting for Isha Ambani and Akash Ambani. The shareholders of the Mukesh Ambani owned the conglomerate which are decided to vote on the appointment of the three siblings as non-executive, non-independent director. Remote e-voting is carrying for the appointments of Isha, Akash and Anant Ambani as non-executive directors of the company. The e-voting process ends on October 26.
Explaining why it recommended voting against Anant Ambani’s appointment, the advisory firm cited “Governance Matters”.
As per the voting guidelines of ‘IiAS’ voting the firms recommends to voting against the appointment of executive or non-executive non-independent candidates, if the candidates have less than 10 years work experience and less than 30 years of age.
Anant Ambani is serving on the boards of Reliance Group companies and Jio Platforms, since from March 2020. Anant Ambani is 28 years old they also have the boards of Reliance Retail Ventures Ltd. since May 2022 and Reliance New Energy and Reliance New Solar Energy since June 2021.
According to all this details of Anant Ambani, the note said that “Anant Ambani’s appointment as a non-executive, non-independent director at the age of 28 years is not right with our voting guidelines it is out of our voting guidelines”
The company has clarified that the three siblings of Ambani is expected to appointed, before 31 December 2023.
Mukesh Ambani named his children on the board of the oil-to-telecom conglomerate in August but Nita Ambani stepped down.
Exceptions make by “IiAS” to this rule when the director is a first-generation promoter or founder.”
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