Two advisory firms have recommended shareholders to vote against the proposal to appoint Anant Ambani, youngest son of Mukesh Ambani, to the Reliance Industries board. Both, Institutional Shareholder Services Inc (ISS), an international proxy advisory firm, and Mumbai-based Institutional Investor Advisory Services (IIAS), have cited Anant Ambani’s age as the reason to not back his appointment.
ISS said in a note dated October 12, 2023, that the youngest Ambani’s “limited leadership/board experience of around six years” warrants a vote against this resolution, as mentioned in a report by Bloomberg that accessed the note. IIS has backed the board appointments of his elder siblings Isha and Akash Ambani.
Before ISS, IIAS had said in an October 9 report at 28 years of age, Anant Ambani’s appointment does not align with the voting guidelines. IIAS also supported the proposals seeking the appointment of Akash and Isha Ambani.
The report stated that Reliance told the proxy companies that Anant has the “relevant experience and maturity to add value to the board deliberations” given his participation in the businesses of the conglomerate as well as the grooming he has received from senior leadership over the years.
On Friday, October 27, 2023, Reliance Industries shareholders approved the appointment of the new generation leaders — Isha, Akash, and Anant Ambani as non-executive directors on the company's board. Isha's appointment to the company's board received 98.21% votes, and Akash's received 98.06%. Meanwhile, Anant Ambani's appointment received 92.75% votes in favor.
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