Bad news for Mukesh Ambani, Nita Ambani as Anant Ambani appointment as Reliance whole-time director face opposition from….

A proposal to appoint Anant Ambani, the youngest son of Mukesh Ambani, to the board of Reliance Industries Ltd (RIL) has drawn objections from two proxy advisory firms. In addition, these two advisory firms have raised concerns over the appointment of Hital Meswani and Dinesh Kanbar to the board of Reliance Industries.

Who is opposing Anant Ambani’s appointment to the Reliance board?

As per Mint report, the two proxy advisory firms have suggested that shareholders vote against the leaders to the company’s board.

When was Anant Ambani appointed as Executive Director of Reliance Industries Limited (RIL) ?

Anant Ambani, the youngest son of India’s richest industrialist, Mukesh Ambani, was appointed as the Executive Director of Reliance Industries Limited (RIL) on May 1. This move comes as part of the Ambanis’ succession planning at India’s largest conglomerate. The youngest Ambani sibling has been involved in the group’s energy, sustainability, where Reliance aims to become a net-zero carbon company by 2035. This includes scaling up production of clean fuels and materials, developing advanced carbon capture technologies, promoting circular materials, and enhancing crude-to-chemicals conversion.

In addition, Anant serves as a Director on the Boards of Jio Platforms Limited since March 2020, Reliance Retail Ventures Limited since May 2022 and Reliance New Energy Limited since June 2021. He also serves on the Board of Reliance Foundation since September 2022.

Why are proxy advisory firms against Anant Ambani’s appointment?

Two firms, Institutional Investor Advisory Services India Ltd (IiAS) and Stakeholder Empowerment Services (SES) have both advised against approving the resolutions, citing around compensation and, in one case, a conflict of interest, reported Mint.

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