Key Points
Despite proxy firms opposition to his induction on the board, shareholders of Reliance Industries have approved appointment of Chairman Mukesh Ambani's son Anant Ambani, along with his elder siblings Akash and Isha, as non-executive directors on the company board..
Institutional Shareholder Services Inc., an international proxy advisory firm, and Mumbai-based Institutional Investor Advisory Services had recommended that shareholders vote against the proposal of Anant Ambani's appointment on the board...
Reliance had told the proxy companies that Anant has the relevant experience and maturity to add value to the board deliberations given his participation in the conglomerates businesses and the grooming he has received from senior leadership over the years...
"Therefore, business leaders in their late 30s and 40s are finding representation on boards, which are actively considering strategies to strengthen their competitive advantage and are thoughtfully incorporating both youthful vigour and mature wisdom by making appointments that augment management team capabilities so that they are a strategic asset...
The filling of these posts will tell us whether Indian shareholders have embraced age diversity on boards and shed the reluctance to induct young people..
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