Bank of Baroda CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Jun 2026, 44 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• To discuss, approve and adopt the Balance Sheet of the Bank as on 31st March 2026, profit and Loss Account for the year ended 31st March 2026, the report of the Board of Directors on the working and activities of the Bank for the period covered by the accountsMoreLess

  ›Against 360 One Mutual Fund, Abakkus Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Choice Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, The Wealth Company Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bank of India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution. Further, typical of public sector banks, Bank of Baroda has five joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities.
  • Abakkus Mutual FundTechnical non compliance of disclosure of all subs on website
  • Angel One Mutual FundThe Company has not disclosed financials of all subsidiaries for FY 2025-26 on its website.
  • Axis Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Bandhan Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified Financial Statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of all subsidiaries for FY 2025-26 on its website.
  • Choice Mutual FundNon-disclosure of financials of all subsidiaries on website
  • Invesco Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution. Further, typical of public sector banks, Bank of Baroda has five joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities. This is in line with our ESG framework.
  • LIC Mutual FundConcerns over Non-Compliance with Companies Act, 2013 & SEBI LODR Regulations: The Company has not disclosed financials of all subsidiaries for FY 2025-26 on its website.
  • Mirae Asset Mutual FundWe have relied upon the auditors’ report, which has not raised concerns on the financial statements. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). However, we raise concern that the company has not constituted an audit committee in line with regulations and does not have sufficient independent directors on the board. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.Further, typical of public sector banks, Bank of Baroda has five joint auditors. The audit committee must provide clarity on how it establishes accountability of these auditors and ensures that issues do not fall through the cracks, while allocating audit responsibilities.
  • Nippon India Mutual FundThe auditors' report is unqualified, concerns remain over the non-compliant audit committee composition and insufficient independent directors, undermining critical oversight. Additionally, clarity is needed on how accountability is established among five joint auditors to ensure no gaps in audit responsibilities.
  • PPFAS Mutual FundNon-disclosure of financials of all subsidiaries on website.
  • quant Mutual FundNon-Compliant with Companies Act, 2013 & SEBI LODR regulations: The company has not disclosed financials of all subsidiaries for FY26 on its website.
  • The Wealth Company Mutual FundUnqualified Financial Statements. Compliant with Indian Accounting however there is a technical breach of Companies Act 2013 and SEBI LODR regulations with respect to disclosure of all subsidiaries financial statements

  16 for20 against
• To approve and declare dividend for the FY2025-26

  36 for0 against

  1 abstained

• To approve Capital Plan 2026-27

  1 for0 against
• To approve appointment of Shri Ashish Madhaorao More as Non-Executive Director of the Bank

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Choice Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Old Bridge Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Sundaram Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with Law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs.
  • Angel One Mutual FundGovernance concern: Board is non compliant with respect to requirement of minimum number of Independent Directors.
  • Axis Mutual FundAshish More is a senior officer of the Indian Administrative Service (IAS) belonging to the AGMUT cadre (2005 batch). He currently serves as Joint Secretary (Banking) in the Ministry of Finance. He has attended eight out of nine (89%) board meetings from date of his first appointment. The bank proposes to appoint him as a Non-Executive Non-Independent GOI Nominee Director from 24 July 2025 until further orders, whichever is earlier. It is unclear whether he will be liable to retire by rotation. However, recent SEBI LODR amendments build in sufficient guardrails and will need the company to seek reappointment for his nomination to the board after a five-year interval. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the reappointment date, as a good practice, the bank should have sought approval within three months. We do not support the resolution as Bank of Baroda’ board composition is not compliant with regulations as it does not have sufficient number of Independent Directors. We do not support the resolution.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Old Bridge Mutual Fund, Sundaram Mutual Fund, Unifi Mutual FundAshish More is a senior officer of the Indian Administrative Service (IAS) belonging to the AGMUT cadre (2005 batch). He currently serves as Joint Secretary (Banking) in the Ministry of Finance. He has attended eight out of nine (89%) board meetings from date of his first appointment. The bank proposes to appoint him as a Non-Executive Non-Independent GOI Nominee Director from 24 July 2025 until further orders, whichever is earlier. It is unclear whether he will be liable to retire by rotation. However, recent SEBI LODR amendments build in sufficient guardrails and will need the company to seek reappointment for his nomination to the board after a five-year interval. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the reappointment date, as a good practice, the bank should have sought approval within three months. We do not support the resolution as Bank of Baroda’ board composition is not compliant with regulations as it does not have sufficient number of Independent Directors. We believe the government must first address the regulatory violations of board composition before nominating a director on the board. We do not support the resolution.
  • Choice Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs. Please refer RBI Guidelines: RBI/DOR/2025-26/149 DOR.HGG.GOV. No.68/29.67.001/2025-26 November 28, 2025
  • Invesco Mutual FundAshish More is a senior officer of the Indian Administrative Service (IAS) belonging to the AGMUT cadre (2005 batch). He currently serves as Joint Secretary (Banking) in the Ministry of Finance. He has attended eight out of nine (89%) board meetings from date of his first appointment. The bank proposes to appoint him as a Non-Executive Non-Independent GOI Nominee Director from 24 July 2025 until further orders, whichever is earlier. It is unclear whether he will be liable to retire by rotation. However, recent SEBI LODR amendments build in sufficient guardrails and will need the company to seek reappointment for his nomination to the board after a five-year interval. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the reappointment date, as a good practice, the bank should have sought approval within three months. We do not support the resolution as Bank of Baroda’ board composition is not compliant with regulations as it does not have sufficient number of Independent Directors. We believe the government must first address the regulatory violations of board composition before nominating a director on the board. We do not support the resolution. This is in line with our ESG framework.
  • LIC Mutual FundGovernance concern: Board is non-compliant with respect to requirement of minimum number of IDs.
  • Nippon India Mutual FundGovernance Concern: Board is non-compliant with respect to requirement of minimum
  • NJ Mutual FundAshish More is a senior officer of the Indian Administrative Service (IAS) belonging to the AGMUT cadre (2005 batch). He currently serves as Joint Secretary (Banking) in the Ministry of Finance. He has attended eight out of nine (89%) board meetings from date of his first appointment. The bank proposes to appoint him as a Non-Executive Non- Independent GOI Nominee Director from 24 July 2025 until further orders, whichever is earlier. It is unclear whether he will be liable to retire by rotation. However, recent SEBI LODR amendments build in sufficient guardrails and will need the company to seek reappointment for his nomination to the board after a five-year interval. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the reappointment date, as a good practice, the bank should have sought approval within three months. We do not support the resolution as Bank of Baroda’ board composition is not compliant with regulations as it does not have sufficient number of Independent Directors. We believe the government must first address the regulatory violations of board composition before nominating a director on the board. We do not support the resolution
  • PPFAS Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs
  • quant Mutual FundCompliant with the law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with respect to requirement of minimum number of independent directors.

  19 for23 against

  1 abstained

• To approve re-appointment of Shri Lalit Tyagi as Executive Director of the Bank

  ›Against Angel One Mutual Fund, Choice Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non compliant with respect to requirement of minimum number of Independent Directors.
  • Choice Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs. Please refer RBI Guidelines: RBI/DOR/2025-26/149 DOR.HGG.GOV. No.68/29.67.001/2025-26 November 28, 2025
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the bank does not have a designated chairperson, and the board is not at least one-half independent and Lalit Tyagi is a non-independent director nominee.
  • Groww Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with Law. No concern on the merits of proposed appointee. Governance concern: Board is noncompliant with respect to requirement of minimum number of IDs.
  • LIC Mutual FundGovernance concern: Board is noncompliant with respect to requirement of minimum number of IDs.
  • PPFAS Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs
  • quant Mutual FundCompliant with the law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with respect to requirement of minimum number of independent directors.

  32 for11 against

  1 abstained

• To approve re-appointment of Shri Sanjay Vinayak Mudaliar as Executive Director of the Bank

  ›Against Angel One Mutual Fund, Choice Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non compliant with respect to requirement of minimum number of Independent Directors.
  • Choice Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs. Please refer RBI Guidelines: RBI/DOR/2025-26/149 DOR.HGG.GOV. No.68/29.67.001/2025-26 November 28, 2025
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because the bank does not have a designated chairperson, and the board is not at least one-half independent and Sanjay Vinayak is a non-independent director nominee.
  • Groww Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with Law. No concern on the merits of proposed appointee. Governance concern: Board is noncompliant with respect to requirement of minimum number of IDs.
  • LIC Mutual FundGovernance concern: Board is noncompliant with respect to requirement of minimum number of IDs.
  • PPFAS Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs
  • quant Mutual FundCompliant with the law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with respect to requirement of minimum number of independent directors.

  32 for11 against

  1 abstained

• To approve re-appointment of Dr. Debadatta Chand as Managing Director and Chief Executive Officer of the Bank

  ›Against Angel One Mutual Fund, Choice Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non compliant with respect to requirement of minimum number of Independent Directors.
  • Choice Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs. Please refer RBI Guidelines: RBI/DOR/2025-26/149 DOR.HGG.GOV. No.68/29.67.001/2025-26 November 28, 2025
  • Groww Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with Law. No concern on the merits of proposed appointee. Governance concern: Board is noncompliant with respect to requirement of minimum number of IDs.
  • LIC Mutual FundGovernance concern: Board is noncompliant with respect to requirement of minimum number of IDs.
  • PPFAS Mutual FundBoard is non-compliant with respect to requirement of requisite number of IDs
  • quant Mutual FundCompliant with the law. No concern on the merits of proposed appointees. Governance concern: Board is non-compliant with respect to requirement of minimum number of independent directors.

  33 for10 against

  1 abstained

Mutual fund votes, meeting of 23 Jun 2025, 33 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• To approve the financial results of the Bank for the year ended 31st March, 2025.

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundThe Bank has not disclosed financials of all subsidiary(ies) for FY 2024-25 on its website.
  • Bank of India Mutual Fund"Non-disclosure of financial statement of all subsidiaries on website.
  • Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundUnqualified Financial Statements. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: The Bank has not disclosed financials of all subsidiary(ies) for FY 2024-25 on its website.
  • LIC Mutual FundConcerns over Bank not disclosing financials of all subsidiary(ies) for FY 2024-25 on its website.
  • PPFAS Mutual FundNon-disclosure of financial statement of all subsidiaries on website.

  21 for9 against
• To approve and declare dividend for the FY2024-25

  26 for0 against

  1 abstained

• To approve the appointment of Smt. Beena Vaheed, as Executive Director of the Bank

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with respect to requirement of minimum number of Independent Directors, Delayed Shareholders’ approval.
  • Bank of India Mutual FundNon-compliant board with requisite number of ID’s. & Delayed Shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs, Delayed Shareholders’ approval
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the bank does not have a designated chairperson and the board is not at least one-half independent and Beena Vaheed is a non-independent director nominee.
  • LIC Mutual FundGovernance concern: Board is non-compliant with respect to requirement of minimum number of IDs, Delayed Shareholders approval
  • PPFAS Mutual FundNon-compliant board with requisite number of ID’s. & Delayed Shareholders’ approval

  21 for11 against

  1 abstained

• To approve the appointment of Shri Manoranjan Mishra, as Non-Executive Director (RBI Nominee Director)

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with respect to requirement of minimum number of Independent Directors, Delayed Shareholders’ approval.
  • Bank of India Mutual FundNon-compliant board with requisite number of ID’s. & Delayed Shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with Law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with respect to requirement of minimum number of IDs, Delayed Shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because the bank does not have a designated chairperson and the board is not at least one-half independent and Manoranjan Mishra is a non-independent director nominee.
  • LIC Mutual FundGovernance concern: Board is non-compliant with respect to requirement of minimum number of IDs, Delayed Shareholders approval.
  • PPFAS Mutual FundNon-compliant board with requisite number of ID’s. & Delayed Shareholders’ approval

  21 for11 against

  1 abstained

• To appoint M/s Ragini Chokshi & Co Mumbai, Practising Company Secretaries as Secretarial Auditor of the Bank for a period of 5 years commencing from FY 2025-26 till FY 2029-2030

  ›Against Angel One Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, LIC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTransparency concern: The Bank has not disclosed whether there is any material change in the proposed audit fee.
  • Bank of India Mutual Fund, PPFAS Mutual FundThe Bank has not disclosed whether there is any material change in the proposed audit fee.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of the proposed Auditors. Transparency concern: The Bank has not disclosed whether there is any material change in the proposed audit fee.
  • LIC Mutual FundConcerns over Transparency- The Bank has not disclosed whether there is any material change in the proposed audit fee.

  22 for10 against

  1 abstained

• Unlisted stake boughtIBDIC Indian Banks Digital Infrastructure Company Private LimitedSince 3 Jul 2026

  0.02% bought in the quarter; holding 5.79%, from 5.77%

• Fine or penaltyRBISince 1 Jul 2026

  Penalty of Rs. 8825.34

  Currency Chest Penalty due to Delayed Reporting by CC
• Fine or penaltyRBISince 1 Jul 2026

  Penalty of Rs. 5000

  Currency Chest Penalty due to discrepancies detected during the RBI visit
• Fine or penaltyRBISince 1 Jul 2026

  Penalty of Rs. 3000

  Currency Chest Penalty due to CC REMITTANCE SHORTAGE
• Fine or penaltyRBISince 1 Jul 2026

  Penalty of Rs. 10000

  Currency Chest Penalty due to any other deficiency observed
• Fine or penaltyRBISince 1 Jul 2026

  Penalty of Rs. 5000

  Currency Chest Penalty due to CCTV related
• Fine or penaltyRBISince 3 Jul 2026

  Penalty of Rs. 10000

  Penalty-Incognito Visit of BOB
• Fine or penaltyRBISince 3 Jul 2026

  Penalty of Rs. 1700

  Currency Chest Penalty due to CC REMITTANCE SHORTAGE

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

Yes

The board has a regular chairperson

No

The company has a risk management committee

Yes

The chair is related to the managing director

No

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

No

There was a cyber security incident in the quarter

Yes

The company's own answers in its filing.