Business
Reliance shareholders approve appointment of Akash, Isha, and Anant Ambani as non-executive directors
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Reliance Industries, the oil-to-telecom conglomerate, has announced that its shareholders have approved the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Non-Executive Directors of the company. This decision was disclosed in a stock exchange filing on Friday, according to an ET report.
During the company’s 46th Annual General Meeting, Chairman Mukesh Ambanihad spoken about the succession planning within the company.He stated that his three children, Akash, Anant, and Isha, are confidently taking on leadership roles across various businesses. Akash is leading Jio, while Isha is heading the Retail division. Anant has joined the New Energy business and is actively involved in its operations.
“”Akash and Isha have assumed leadership roles in Jio and Retail, respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our New Energy business with great zeal. In fact, he is spending most of his time in Jamnagar,” Mukesh Ambani said at the AGM. Mukesh Ambani emphasized that his children have inherited the entrepreneurial mindset of their grandfather, Dhirubhai Ambani.
He also highlighted that his children are part of a young team of talented leaders and professionals who are already making significant contributions to the company. The Ambani siblings receive daily mentoring from senior leaders, including their father and the board of directors, he said.
However, not all advisory firms shared the same view. Institutional Investor Advisory Services (IiAS), a domestic proxy advisory firm, recommended that Reliance shareholders vote against Anant Ambani’s appointment to the board. Similarly, US-based Institutional Shareholder Services (ISS) also made a similar recommendation, the ET report said.
IiAS cited a misalignment with its voting guidelines due to Anant’s age, which is 28 years. ISS, on the other hand, based its recommendation on Anant’s limited leadership or board experience, which amounts to just six years.
This latest development is an important step in the implementation of Reliance’s succession plans. The conglomerate faced a power struggle between Mukesh Ambani and his brother Anil Ambani in 2002 following the demise of their father, Dhirubhai Ambani, without leaving a will.
During the company’s 46th Annual General Meeting, Chairman Mukesh Ambanihad spoken about the succession planning within the company.He stated that his three children, Akash, Anant, and Isha, are confidently taking on leadership roles across various businesses. Akash is leading Jio, while Isha is heading the Retail division. Anant has joined the New Energy business and is actively involved in its operations.
“”Akash and Isha have assumed leadership roles in Jio and Retail, respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our New Energy business with great zeal. In fact, he is spending most of his time in Jamnagar,” Mukesh Ambani said at the AGM. Mukesh Ambani emphasized that his children have inherited the entrepreneurial mindset of their grandfather, Dhirubhai Ambani.
He also highlighted that his children are part of a young team of talented leaders and professionals who are already making significant contributions to the company. The Ambani siblings receive daily mentoring from senior leaders, including their father and the board of directors, he said.
However, not all advisory firms shared the same view. Institutional Investor Advisory Services (IiAS), a domestic proxy advisory firm, recommended that Reliance shareholders vote against Anant Ambani’s appointment to the board. Similarly, US-based Institutional Shareholder Services (ISS) also made a similar recommendation, the ET report said.
IiAS cited a misalignment with its voting guidelines due to Anant’s age, which is 28 years. ISS, on the other hand, based its recommendation on Anant’s limited leadership or board experience, which amounts to just six years.
This latest development is an important step in the implementation of Reliance’s succession plans. The conglomerate faced a power struggle between Mukesh Ambani and his brother Anil Ambani in 2002 following the demise of their father, Dhirubhai Ambani, without leaving a will.
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