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An exchange filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution.
The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors, the firm announced in a BSE exchange filing on Friday. The resolutions were passed through postal ballot.
The filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution but almost 93 percent were in favour.
Last year, RIL chairman Mukesh Ambani made way for his first-born Akash Ambani, to become the chairman of India's largest mobile firm, Reliance Jio Infocomm. Meanwhile, Isha was given Reliance's retail arm and Anant, the new energy business.
However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.
“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.
Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.
ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.
However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.
“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.
Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.
ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.