In every company, directors are appointed on rotational basis and are retired. Reliance Board had proposed in the AGM on this, Institutional Investor Advisory Services (IiAS) has raised objection on Anant Ambani, who was to be appointed to the non-executive post.
He says that he is not eligible under their voting guidelines, due to which the voting process is against. Along with this Isha and Akash Ambani will be appointed on rotational basis. According to the guidelines, your age should be more than 30 years or your experience should be more than 10 years.
Isha and Akash are capable, their age is 31 years. But Anant Ambani is less than 30 years, due to which he has raised objection and has recommended his institutional client to vote against the proposal put forward in the AGM. Voting will be held till 26th October and the results will be on 30th.
According to IiAS voting guidelines, it will recommend voting for the appointment of any director (among other criteria) unless the director lacks adequate experience. That is, less than 10 years of relevant work experience or is less than 30 years of age. (IiAS will make exceptions to this rule when the director is a first-generation promoter or founder).
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