Shareholders are advised by Institutional Investor Advisory Services (IiAS) to reject Anant Ambanis election to the Reliance Industries Limited board. According to the sources, Isha Ambani and Akash Ambani, however, were the recommendations made in a memo by the advising group. The three brothers appointment as non-executive, non-independent directors will be put to the vote of the shareholders of the Mukesh Ambani-owned business.The votes results will be made public on October 30.Governance Matters, says IiAS“Governance Matters” was stated by the advisory firm as justification for voting against Mukesh Ambanis youngest son. Voting against the appointment or re-appointment of executive or non-executive non-independent directorship candidates who have less than ten years of work experience or who are less qualified is advised by IiAS, per its voting criteria.Anant Ambani, who is 28 years old, has been a member of the Reliance Groups boards of directors since March 2020, includes Jio Platforms. Additionally, from May 2022, he has served on the boards of Reliance Retail Ventures Ltd., Reliance New Energy, and Reliance New Solar Energy.“At 28 years of age, his appointment as a non-executive, non-independent director does not align with our voting guidelines,” the note said. The company has clarified that the three Ambani siblings appointment is expected to be effective before Dec 31, 2023, it said. “IiAS will make exceptions to this rule when the director is a first-generation promoter or founder.”In August, after Nita Ambani resigned, Mukesh Ambani appointed his children to the board of the oil-to-telecom company. Ambani intends to serve as chairman and managing director for an additional five years. He will train his kids during this time to turn Reliance into a digital and green energy giant.
