HDB Financial Services CEO, MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 4 Sep 2025, 23 fund houses

• Ratification of the HDB Financial Services Limited - Employees Stock Option Scheme – 2014

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund

  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under SEBI SBEB Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Excessive benefit can be extended to an individual employee.
  • Bank of India Mutual Fund, Sundaram Mutual Fund, UTI Mutual FundAs per the prospectus, under ESOS 2014, 11,349,900 options have been granted (including 1,497,590 lapsed/forfeited options), 9,476,080 options have vested and 9,268,220 options have been exercised. Thus, under the scheme, as per our calculations, 147,690 fresh options are available for grant in addition to the lapsed options from the previous grants if any. The scheme does not provide clarity with respect to exercise price– it allows the NRC the flexibility to decide. Further, options have a time-based vesting. In the absence of clarity on the exercise price for future grants (post listing), we are unable to evaluate if the scheme contours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution.
  • Invesco Mutual FundAs per the prospectus, under ESOS 2014, 11,349,900 options have been granted (including 1,497,590 lapsed/forfeited options), 9,476,080 options have vested and 9,268,220 options have been exercised. Thus, under the scheme, as per our calculations, 147,690 fresh options are available for grant in addition to the lapsed options from the previous grants if any. The scheme does not provide clarity with respect to exercise price– it allows the NRC the flexibility to decide. Further, options have a time-based vesting. In the absence of clarity on the exercise price for future grants (post listing), we are unable to evaluate if the scheme contours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution
  • LIC Mutual FundConcern over Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Excessive benefit can be extended to an individual employee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Broad Discretion to NRC to determine Exercise Price.

  12 for11 against
• Ratification of the HDB Financial Services Limited - Employees Stock Option Scheme – 2017

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund

  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under SEBI SBEB Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Excessive benefit can be extended to an individual employee.
  • Bank of India Mutual Fund, Sundaram Mutual Fund, UTI Mutual FundAs per the prospectus, under ESOS 2017, 10,706,560 options have been granted (including 939,408 lapsed/forfeited options), 8,813,872 options have vested and 6,870,483 options have been exercised. Thus, under the scheme, as per our calculations, 232,848 fresh options are available for grant in addition to lapsed options from the previous grants if any. The scheme does not provide clarity with respect to exercise price– it allows the NRC the flexibility to decide. Further, options have a time-based vesting. In the absence of clarity on the exercise price for future grants (post listing), we are unable to evaluate if the scheme contours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution.
  • Invesco Mutual FundAs per the prospectus, under ESOS 2017, 10,706,560 options have been granted (including 939,408 lapsed/forfeited options), 8,813,872 options have vested and 6,870,483 options have been exercised. Thus, under the scheme, as per our calculations, 232,848 fresh options are available for grant in addition to lapsed options from the previous grants if any. The scheme does not provide clarity with respect to exercise price– it allows the NRC the flexibility to decide. Further, options have a time-based vesting. In the absence of clarity on the exercise price for future grants (post listing), we are unable to evaluate if the scheme contours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution
  • LIC Mutual FundConcern over Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Excessive benefit can be extended to an individual employee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Broad Discretion to NRC to determine Exercise Price.

  12 for11 against
• Ratification of the HDB Financial Services Limited - Employees Stock Option Scheme – 2022

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Invesco Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund

  • Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual FundNon-Compliant under SEBI SBEB Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Excessive benefit can be extended to an individual employee.
  • Bank of India Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, UTI Mutual FundUnder ESOS 2022, 5,364,520 options have been granted (including 129,910 lapsed/forfeiture options), 831,211 options have vested and 435,886 options have been exercised. Thus under the scheme as per our calculations 14,765,390 fresh options are available for grant in addition to lapsed options from the previous grants if any. The scheme does not provide clarity with respect to exercise price– it allows the NRC the flexibility to decide. Further, options have a time-based vesting. In the absence of clarity on the exercise price for future grants (post listing), we are unable to evaluate if the scheme contours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution.
  • Invesco Mutual FundUnder ESOS 2022, 5,364,520 options have been granted (including 129,910 lapsed/forfeiture options), 831,211 options have vested and 435,886 options have been exercised. Thus under the scheme as per our calculations 14,765,390 fresh options are available for grant in addition to lapsed options from the previous grants if any. The scheme does not provide clarity with respect to exercise price– it allows the NRC the flexibility to decide. Further, options have a time-based vesting. In the absence of clarity on the exercise price for future grants (post listing), we are unable to evaluate if the scheme contours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution
  • LIC Mutual FundConcern over Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Excessive benefit can be extended to an individual employee.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundNon-Compliant with SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Broad Discretion to NRC to determine Exercise Price.

  11 for12 against