Shareholders of Reliance Industries Ltd have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the company’s board as Non-Executive Directors with the required majority.
While Isha and Akash got approval from 98 per cent of shareholders, Anant got approval from 92 per cent of the shareholders.
Institutional Shareholder Services Inc., an international proxy advisory firm, had earlier recommended that shareholders vote against the proposal to appoint billionaire Mukesh Ambani’s youngest son, Anant Ambani, on the board of the family-controlled Reliance Industries Ltd., underscoring concerns around succession planning at India’s largest company by market value.
“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 said in an October 12 note.