Ambani siblings on Board: Why India Inc needs more young people at the top
Despite proxy firms’ opposition to Anant Ambani’s induction on the board, shareholders of Reliance Industries have approved his appointment along with his elder siblings Akash and Isha, as non-executive directors on the company board. At 28 years of age, Anant, three years younger than his two siblings, was seen as too young for the role. 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 conglomerate’s businesses and the grooming he has received from senior leadership over the years.
The Company informed the stock exchanges 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.
