However, advisory firm IiAS has appealed to the shareholders to vote in favor of Isha Ambani and Akash Ambani. Shareholders of Reliance Industries are going to vote for the appointment of the three brothers and sisters as non-executive, non-independent directors, the results of this voting will be released on October 30.
What is the reason for voting against Anant Ambani?
Advisory firm IiAS has cited ‘governance issue’ as the reason for voting against Mukesh Ambani’s youngest son Anant Ambani.
As per IiAS Voting Guidelines, the firm recommends voting against the appointment or re-appointment of executive or non-executive non-independent director candidates who have less than 10 years of working experience or are above 30 years of age. be less than.
Anant Ambani is on many boards of the group
Anant Ambani is currently 28 years old, he is on the board of Reliance Group companies, which includes Jio Platforms, in which he has been since March 2020. Apart from this, he is also on the board of Reliance Retail Ventures since May 2022 and on the board of Reliance New Energy and Reliance New Solar Energy since June 2021.
The firm said in a note that at the age of 28, his appointment as a non-executive, non-independent director is not in accordance with our voting guidelines.
The firm said that the company has made it clear that the appointment of the three brothers and sisters is expected to be effective from December 31, 2023. IIAS will make an exception to this rule when the director is a first generation promoter or founder.
Mukesh Ambani will remain chairman for 5 years
After Nita Ambani stepped down in August, Mukesh Ambani had nominated his children on the board of the group. Ambani plans to continue in his role as chairman and managing director for the next five years. During this, Mukesh Ambani will prepare his three children on how to transform Reliance into a green energy and digital group.