Majority vote: Institutional investors favour nine resolutions since Oct 24

November 05, 2021 5:30 AM

According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), all the resolutions that came up for voting during the seven-day period were approved “comfortably”.

Both of these resolutions had run into trouble in August this year after proxy advisory firms raised objections against Lal’s reappointment and pay package. (Representative image)Both of these resolutions had run into trouble in August this year after proxy advisory firms raised objections against Lal’s reappointment and pay package. (Representative image)

By Rajesh Kurup

Institutional investors had favoured all the nine resolutions of two companies since October 24, with a majority of more than 83% of the total votes cast.

According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), all the resolutions that came up for voting during the seven-day period were approved “comfortably”. These included two resolutions of Eicher Motors and seven of Accelya Solutions.

Eicher Motors’ resolution to re-appoint Siddhartha Lal as managing director for five years from May 1, 2021, was approved with an 83.7% of the total institutional investors’ votes. Further, a resolution to approve his remuneration for five years, effective from May 1, 2021, and not exceeding 1.5% of profits annually, was passed with 96.3% of votes cast.

Both of these resolutions had run into trouble in August this year after proxy advisory firms raised objections against Lal’s reappointment and pay package. Earlier, in August, shareholders rejected a special resolution to reappoint Lal as the MD and to approve his annual remuneration with a cap of 3% of profits.

Accelya Solutions’ seven resolutions, providing interim dividend of Rs 35 and final dividend of Rs 17 per share, were approved with a whopping 100% majority. The other resolutions that received full support of the institutional investors were Shrimanikandan Ananthavaidhyanathan as managing director, appointment of Amol Gupte as independent director for five years and reappointment of Jose Maria Hurtado as non-executive non -independent director.

The software solutions provider’s resolution to approve related party transactions with Accelya World SLU and Accelya Middle East FZE for Rs 600 crore from FY22 was also approved with a 98.2% of institutional investors’ votes.

For the previous week started October 16, institutional investors favoured 13 resolutions including that of Reliance Industries with a majority of more than 75% of the total votes cast and dissented one resolution of Solara Active Pharma Sciences.

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