Institutional investors vote against 21 resolutions with over 50% votes in June last week: IiAS

Institutional investors dissented on as much as 21 resolutions, including that of Dish TV, with over 50% of their votes in the week started June 24. Besides, they supported 210 proposals with a 100% majority, data from proxy advisory firm IiAS showed. They dissented on 22 board proposals with more than 25% of their votes.

Dish TV India’s resolutions to reappoint Jawahar Lal Goel as the managing director for three years was voted against with 97.94% and that to appoint RC Venkateish as an independent director for five years with 95.21% of institutional investors’ votes, according to data compiled by the Institutional Investor Advisory Services India (IiAS).

Further, Dish TV’s motion to reappoint Anil Kumar Dua as a wholetime director for three years from March 26 was voted against with 17.52% of institutional investors’ votes, and that of Britannia Industries’ proposal to provide loans, give guarantees and invest up to Rs 5,000 crore was dissented on with 70.07% of votes.

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All these four resolutions (three of Dish TV and one of Britannia) were rejected, the proxy advisory firm, which analysed EGM and AGM data for the week started June 24, said. IiAS had sent out recommendations on 424 resolutions, of which one was withdrawn and detailed voting results were available for 418, it added.

Britannia’s motion to approve Rs 7.33 crore as commission to non-executive chairperson Nusli Wadia for FY22, in excess of 50% of the total annual remuneration payable to all non-executive directors, was dissented upon with 59.31% of total votes. A motion to reappoint Wadia as non-executive, non-independent director was disapproved with 34.82% votes.

The resolution to approve remuneration payable to Anant Goenka as the MD and CEO of Ceat was voted against with 58.62% of votes, and that of Tata Investment Corporation to reappoint Noel N Tata as non-executive, non-independent director was opposed with 50.81% of institutional investors’ votes.

KEC International’s proposal to approve Harsh V Goenka’s commission as non-executive chairperson for FY22, in excess of 50% of the total annual remuneration payable to all non-executive directors, was also not in favour of 40.07% of institutional investors.

Jindal Stainless’ proposal to reappoint Ratan Jindal as chairperson and MD for five years was dissented on with 30.95% of votes and that of TVS Motor to reappoint Venu Srinivasan as director met with resistance from 25.22% of institutional investors.

Proposals by Plastiblends India to reappoint a director was dissented with 100%, while that of Ircon International 93.14% and that of UCO Bank with 87.42% of institutional investors’ votes.

However, all the resolutions of Ceat, Tata Investment, KEC International, Jindal Stainless, TVS Motor, Plastiblends India, Ircon International and UCO Bank, among others, were approved by the total votes cast by shareholders.

The institutional investors approved 210 resolutions – including that of Indian Hotels, Torrent Pharmaceuticals, Eureka Forbes, GHCL and certain resolutions of KEC International — with a whopping 100% of their votes, IiAS data showed.