Mukesh Ambani’s youngest son Anant Ambani is leading the Reliance New Energy Business. He is in the post of director of Reliance 02C and Reliance New Solar Energy. If reports are to be believed, his net worth stands at around $40 billion. Recently, Mukesh Ambani appointed Anant Ambani on Reliance Industries' (RIL’s) board along with Akash Ambani and Isha Ambani. RIL informed of a postal ballot notice seeking approval of members of the company. The approval for the appointment will be provided through a remote e-voting for the appointments of Isha, Akash and Anant as non-executive directors of RIL. The e-voting process ends on October 26 and ahead of that proxy advisory firms have recommended investors to vote against appointment of Anant Ambani on board.
International proxy advisory firm Institutional Shareholder Services (ISS) has advised the shareholders to vote against the proposal to appoint Anant Ambani on board of Reliance Industries Ltd. For those who are unaware, Reliance Industries' is India’s most valuable company with around Rs 16 trillion market cap.
As per Bloomberg, the advisory issued by ISS reads, “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.”
Last week proxy advisory firm IiAS has suggested institutional investors to vote against the appointment of Anant Ambani. The firm has stated Anant Ambani’s age as the reason.
Anant Ambani is 28 years old and his elder siblings Isha and Akash Ambani are 31 years of age. As per IiAS voting guidelines, it is recommended to vote for the appointment of any director (among other criteria) unless the director lacks adequate experience. That is, less than 10 years of relevant work experience or is less than 30 years of age. The firm does make exceptions to this rule when the director is a first-generation promoter or founder.
