Power Grid Corporation of India MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 22 Aug 2024, 35 fund houses

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

• To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2024, together with the Board’s Report, the Auditors’ Report thereon and comments of the Comptroller and Auditor General of India.MoreLess

  31 for0 against
• To confirm payment of 1st and 2nd interim dividend and declare final dividend for the Financial Year 2023-24.

  34 for0 against
• To appoint a director in place of Shri Ravisankar Ganesan (DIN: 08816101), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Bajaj Finserv Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, no Woman Director and no woman Independent Director on the Board.
  • Franklin Templeton Mutual FundA vote AGAINST incumbent nominee Ganesan Ravisankar is warranted for lack of diversity on the board and he is a non-independent director nominee and the board independence norms are not met.
  • Helios Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, no Woman Director and no woman Independent Director on the Board. We find merit in the reasoning for appointment of a women direcor and a women independent director on the Board.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Motilal Oswal Mutual FundBoard composition not compliant with requirement of independent directors.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, no Woman Director and no woman Independent Director on the Board.

  26 for8 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors for the Financial Year 2024-25.

  34 for0 against
• Appointment of Shri Ravindra Kumar Tyagi (DIN: 09632316) as Chairman and Managing Director, not liable to retire by rotation.

  ›Against Bajaj Finserv Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Quantum Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board, Delayed Shareholders’ approval, Holding Chairman and Manging Director position
  • Helios Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board, Delayed Shareholders’ approval, Holding Chairman and Manging Director position.We find merit in the reasoning for appointment of a women direcor and a women independent director on the Board. For the same person holding MD and Chairman position, this is a common practice across PSU's as Government is the owner.
  • Motilal Oswal Mutual FundBoard composition not compliant with requirement of independent directors.
  • Quantum Mutual FundWe do not have any concern on the profile and attendance of Mr. Ravindra Kumar Tyagi. However, he holds the position of Chairman & MD of the company. We are of the view that clubbing of positions might lead to concentration of power. Therefore, we do not favour the resolution.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board, Delayed Shareholders’ approval, Holding Chairman and Managing Director position

  28 for7 against
• Appointment of Dr. Yatindra Dwivedi (DIN: 10301390) as Whole-time Director [Director (Personnel)], liable to retire by rotation.

  ›Against Bajaj Finserv Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board, Delayed Shareholders’ approval.
  • Franklin Templeton Mutual FundA vote AGAINST Yatindra Dwivedi is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • Helios Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board, Delayed Shareholders’ approval.We find merit in the reasoning for appointment of a women direcor and a women independent director on the Board.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Motilal Oswal Mutual FundBoard composition not compliant with requirement of independent directors.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board, Delayed Shareholders’ approval.

  26 for8 against
• Appointment of Shri Lalit Bohra, (DIN: 08061561) as a Government Nominee Director.

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Axis Mutual Fund, NJ Mutual FundLalit Bohra, 50, is a nominee of the Government of India and currently the Joint Secretary in the Ministry of New & Renewable Energy, Govt. of India. He has over 30 years of experience in the Logistics, Solar energy and Wind energy sectors. He has experience in the areas of operations and commercial aspects of freight, passenger and suburban transportation. He holds a degree in electrical engineering from IIT Bombay and an MBA in finance from Birla Institute of Technology, Pilani. The board comprises seven directors of which two directors are classified as Independent. Given that only 29% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director.
  • Bajaj Finserv Mutual Fund, Bandhan Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, JM Financial Mutual Fund, Nippon India Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board.
  • Bank of India Mutual Fund, DSP Mutual Fund, Sundaram Mutual FundLalit Bohra, 50, is a nominee of the Government of India and currently the Joint Secretary in the Ministry of New & Renewable Energy, Govt. of India. He has over 30 years of experience in the Logistics, Solar energy and Wind energy sectors. He has experience in the areas of operations and commercial aspects of freight, passenger and suburban transportation. He holds a degree in electrical engineering from IIT Bombay and an MBA in finance from Birla Institute of Technology, Pilani.The board comprises seven directors of which two directors are classified as Independent. Given that only 29% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director.
  • Edelweiss Mutual FundNot in interest of minority shareholders
  • Franklin Templeton Mutual FundA vote AGAINST Lalit Bohra is warranted because he is a non-independent director nominee and the board independence norms are not met.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Invesco Mutual FundLalit Bohra, 50, is a nominee of the Government of India and currently the Joint Secretary in the Ministry of New & Renewable Energy, Govt. of India. He has over 30 years of experience in the Logistics, Solar energy and Wind energy sectors. He has experience in the areas of operations and commercial aspects of freight, passenger and suburban transportation. He holds a degree in electrical engineering from IIT Bombay and an MBA in finance from Birla Institute of Technology, Pilani. The board comprises seven directors of which two directors are classified as Independent. Given that only 29% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director This is in line with our ESG framework
  • Mirae Asset Mutual FundBoard compostion for independent directors is below the regulatory threshold. As representative of the government, responsibility of ensuring adequate independent directors is with nominee director
  • Motilal Oswal Mutual FundBoard composition not compliant with requirement of independent directors.
  • WhiteOak Capital Mutual FundLalit Bohra, 50, is a nominee of the Government of India and currently the Joint Secretary in the Ministry of New & Renewable Energy, Govt. of India. He has over 30 years of experience in the Logistics, Solar energy and Wind energy sectors. He has experience in the areas of operations and commercial aspects of freight, passenger and suburban transportation. He holds a degree in electrical engineering from IIT Bombay and an MBA in finance from Birla Institute of Technology, Pilani.The board comprises seven directors of which two directors are classified as Independent. Given that only 29% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of Independent Directors, not having at least one-Woman Director and woman Independent Director on the Board.

  14 for20 against
• Ratification of remuneration of the Cost Auditors for the Financial Year 2024-25.

  30 for0 against
• To enhance borrowing limit from ¿12,000 Crore to ¿15,000 Crore, from domestic market through issue of secured / unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable / tax-free Debentures / Bonds under Private Placement for the Financial Year 2024-25.MoreLess

  32 for0 against
• To raise funds up to ¿16,000 Crore, from domestic market through issue of secured / unsecured, non-convertible, cumulative / non-cumulative, redeemable, taxable / tax-free Debentures/Bonds under Private Placement during the Financial Year 2025-26 in one or more tranches/offersMoreLess

  33 for0 against
• Appointment of Shri Naveen Srivastava (DIN:10158134) as Whole-time Director [Director (Operations)] liable to retire by rotation.

  ›Against Bajaj Finserv Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Zerodha Mutual Fund

  • Bajaj Finserv Mutual Fund, Groww Mutual Fund, JM Financial Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ woman Independent Director.
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted because the board independence norms are not met, and Naveen Srivastava is a non-independent director nominee.
  • Helios Mutual FundNo concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ woman Independent Director. We find merit in the reasoning for appointment of a women direcor and a women independent director on the Board.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Motilal Oswal Mutual FundBoard composition not compliant with requirement of independent directors.
  • Zerodha Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number Independent Directors and Woman Director/ woman Independent Director.

  25 for8 against

Mutual fund votes, meeting of 30 Aug 2023, 27 fund houses

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

• To receive, consider and adopt the Audited FinancialnStatements including Consolidated FinancialnStatements of the Company for the Financial Yearnended 31st March, 2023, together with the Board’snReport, the Auditors’ Report thereon and commentsnof the Comptroller and Auditor General of India.MoreLess

  ›Against JM Financial Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, PPFAS Mutual Fund

  • JM Financial Mutual Fund, Motilal Oswal Mutual FundUnqualified financial statements. Compliant with Indian Accounting Standards. Non-Compliant with Companies Act, 2013 & SEBI LODR Regulations: Non-disclosure of financial statements of Subsidiaries for FY 2022-23.
  • Nippon India Mutual FundInadequate disclosure
  • PPFAS Mutual FundSubsidiary financials are not uploaded for the year ending 2023

  17 for4 against
• To confirm payment of 1st and 2nd interim dividendnand declare final dividend for the Financial Yearn2022-23

  26 for0 against
• To appoint a Director in place of Shri AbhaynChoudhary (DIN: 07388432), who retires by rotationnand being eligible, offers himself for re-appointment

  ›Against JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund

  • JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundAppointment Compliant with law. No concern on the merit of director. Governance Concern: The Board is non-compliant with requisite number of IDs/ woman director/ woman ID; therefore, concern is raised against re-appointment of NID.
  • PPFAS Mutual FundThe Board is non-compliant with the requisite number of IDs/ woman directors. No concern against the merit of the director being appointed

  20 for4 against
• To authorize the Board of Directors of the Companynto fix the remuneration of the Statutory Auditors fornthe Financial Year 2023-24.

  24 for0 against
• Appointment of Dr. Saibaba Darbamulla, (DIN:n10167281) as a Government Nominee Director.

  ›Against Bandhan Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, WhiteOak Capital Mutual Fund

  • Bandhan Mutual Fund, JM Financial Mutual Fund, Motilal Oswal Mutual Fund, PGIM India Mutual FundAppointment Compliant with law. No concern on the merit of director. Governance Concern: The Board is non-compliant with requisite number of IDs/ woman director/ woman ID. Delayed approval of shareholders.
  • Bank of India Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundDr. Saibaba Darbamulla, 54, is a nominee of the Government of India and currently the Joint Secretary in the Ministry of Power. Govt. of India. He has over 30 years of experience as Divisional Mechanical Engineer, Chief Public Relations Officer, Deputy Director (Rolling Stock), Director (IPMD), Director (ISS), Director (Vigilance), Director (MPLADS) etc. His experience includes project planning & implementation, international tendering & procurement, information management system & data analytics, transportation safety & management, among others. He holds a degree in mechanical engineering from the Council of Engineering Institutions, London, UK, and a Doctorate in Transportation Safety Area from IIT, Delhi and Post-Graduate in Information Management from Management Development Institute (MDI), Gurgaon.The board comprises nine directors of which three directors are classified as Independent by the company. Given that only 33% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director.Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months.
  • Franklin Templeton Mutual FundA vote AGAINST this nominee is warranted as the board independence norms are not met, and he is a non independent director nominee.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.
  • Invesco Mutual Fund, WhiteOak Capital Mutual FundDr. Saibaba Darbamulla, 54, is a nominee of the Government of India and currently the Joint Secretary in the Ministry of Power. Govt. of India. He has over 30 years of experience as Divisional Mechanical Engineer, Chief Public Relations Officer, Deputy Director (Rolling Stock), Director (IPMD), Director (ISS), Director (Vigilance), Director (MPLADS) etc. His experience includes project planning & implementation, international tendering & procurement, information management system & data analytics, transportation safety & management, among others. He holds a degree in mechanical engineering from the Council of Engineering Institutions, London, UK, and a Doctorate in Transportation Safety Area from IIT, Delhi and Post-Graduate in Information Management from Management Development Institute (MDI), Gurgaon. The board comprises nine directors of which three directors are classified as Independent by the company. Given that only 33% of the board comprises independent directors as against the regulatory threshold of 50%, we do not support his appointment. As representatives of the government, the responsibility of ensuring adequate independent representation is with the nominee director. Further, while public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval within three months.
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundHalf of the board of directors are not Independent
  • NJ Mutual FundBoard is non-compliant with requisite number of IDs, Delayed approval.
  • PPFAS Mutual FundThe Board is non-compliant with the requisite number of IDs/ woman directors. No concern against the merit of the director being appointed

  12 for15 against
• Ratification of remuneration of the Cost Auditorsnfor the Financial Year 2023-24.

  4 for0 against
• To enhance borrowing limit from ₹6000 Crore to ₹8,000 Crore, from domestic market through issue of secured / unsecured, non-convertible, noncumulative/cumulative, redeemable, taxable / tax-free Debentures/Bonds under Private Placement for the Financial Year 2023-24.MoreLess

  23 for0 against
• To raise funds up to ₹12,000 Crore, from domestic market through issue of secured/unsecured, non-convertible, non-cumulative / cumulative, redeemable, taxable/tax-free Debentures/Bonds under Private Placement during the Financial Year 2024-25 in one or more tranches/offers.MoreLess

  24 for0 against
• To Capitalize Reserves of the Company to issuenBonus Shares.

  25 for0 against

Mutual fund votes, meeting of 3 Nov 2022, 27 fund houses

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

• Appointment of Shri Ravindra Kumar Tyagi (DIN: 09632316) as Director (Operations) (Whole Time Director).

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund, JM Financial Mutual Fund, PPFAS Mutual Fund

  • Bandhan Mutual FundAppointment Compliant with law. Governance Concern: Although proposed appointees are eligible, the Board is non-compliant with SEBI LODR 2015 w.r.t. requisite number of IDs on the Board
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concern: • The board is chaired by an executive director and the board is not at least one-half independent and Ravindra Kumar Tyagi is non-independent director nominee.
  • JM Financial Mutual FundAppointment Compliant with law. Governance Concern: Although the proposed appointee is eligible, the Board is non-compliant with SEBI LODR Regulations, 2015 w.r.t. requisite number of IDs on the Board
  • PPFAS Mutual FundAlthough the proposed appointee is eligible, the Board is non-compliant with respect to the requisite number of IDs on the Board & does not meet the requirement of a Woman Director and Woman Independent Director.

  22 for4 against
• Appointment of Shri G. Ravisankar (DIN: 08816101) as Director (Finance) (Whole Time Director).

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund, JM Financial Mutual Fund, PPFAS Mutual Fund

  • Bandhan Mutual FundAppointment Compliant with law. Governance Concern: Although proposed appointees are eligible, the Board is non-compliant with SEBI LODR 2015 w.r.t. requisite number of IDs on the Board
  • Franklin Templeton Mutual FundA vote AGAINST this resolution is warranted in view of the following concern: • The board is chaired by an executive director and the board is not at least one-half independent and G. Ravisankar is non-independent director nominee.
  • JM Financial Mutual FundAppointment Compliant with law. Governance Concern: Although the proposed appointee is eligible, the Board is non-compliant with SEBI LODR Regulations, 2015 w.r.t. requisite number of IDs on the Board
  • PPFAS Mutual FundAlthough the proposed appointee is eligible, the Board is non-compliant with respect to the requisite number of IDs on the Board & does not meet the requirement of a Woman Director and Woman Independent Director.

  22 for4 against
• Appointment of Shri Mohammad Afzal (DIN: 09762315) as Government Nominee Director.

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Mirae Asset Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund

  • 360 One Mutual Fund, Axis Mutual Fund, Bank of India Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual FundMohammad Afzal, 51, is working in the Ministry of Power as Joint Secretary (Transmission). He joined Central Electricity Authority in November 1996 and has worked across divisions like System Engineering & Technology Division, Grid Management Division and Fuel Management Division. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board.
  • Bandhan Mutual Fund, NJ Mutual FundAppointment Compliant with law. Governance Concern: Although proposed appointees are eligible, the Board is non-compliant with SEBI LODR 2015 w.r.t. requisite number of IDs on the Board
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • The board is chaired by an executive director and the board is not at least one-half independent and Mohammad Afzal is a non-independent director nominee.
  • Invesco Mutual FundMohammad Afzal, 51, is working in the Ministry of Power as Joint Secretary (Transmission). He joined Central Electricity Authority in November 1996 and has worked across divisions like System Engineering & Technology Division, Grid Management Division and Fuel Management Division. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board
  • JM Financial Mutual FundAppointment Compliant with law. Governance Concern: Although the proposed appointee is eligible, the Board is non-compliant with SEBI LODR Regulations, 2015 w.r.t. requisite number of IDs on the Board
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Nippon India Mutual FundHalf of the board of directors are not Independent
  • PPFAS Mutual FundAlthough the proposed appointee is eligible, the Board is non-compliant with respect to the requisite number of IDs on the Board & does not meet the requirement of a Woman Director and Woman Independent Director.
  • Quantum Mutual FundThere is no concern with the profile and expertise of Mr. Afzal. However, the Company is non-compliant with the requirement of independent directors which is a major area of concern. Therefore, we believe the company must come up with nominations of independent directors before proposing appointment of nominee directors. Further, since the Government approves the appointment of directors (as in the instant case), it can also provide its assent for appointing independent directors.

  12 for14 against

Mutual fund votes, meeting of 29 Aug 2022, 27 fund houses

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

• To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2022, together with the Board’s Report, the Auditors’ Report thereon and comments of the Comptroller and Auditor General of India.MoreLess

  25 for0 against
• To take note of payment of 1st and 2nd interim dividend and declare final dividend for the Financial Year 2021-22.

  26 for0 against
• To appoint a Director in place of Shri Abhay Choudhary (DIN:07388432), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, PPFAS Mutual Fund

  • Bandhan Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundAppointment Compliant with law. Governance Concern: Although no concern on the merit of directors, However, the Board is non-compliant with requisite number of IDs, therefore, concern raised against re-appointment/ appointment of NIDs.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted as the board independence norms are not met and he is non-independent director nominee.
  • PPFAS Mutual FundThe composition of the board isn't compliant with the requisite number of independent directors.

  21 for5 against
• To appoint a Director in place of Dr. Vinod Kumar Singh (DIN: 08679313), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Bandhan Mutual Fund, Franklin Templeton Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, PPFAS Mutual Fund

  • Bandhan Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundAppointment Compliant with law. Governance Concern: Although no concern on the merit of directors, However, the Board is non-compliant with requisite number of IDs, therefore, concern raised against re-appointment/ appointment of NIDs.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted as the board independence norms are not met and he is non-independent director nominee.
  • PPFAS Mutual FundThe composition of the board isn't compliant with the requisite number of independent directors.

  21 for5 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors for the Financial Year 2022-23.

  26 for0 against
• To approve the appointment of Shri Chetan Bansilal Kankariya (DIN:09402860) as an Independent Director

  ›Against Franklin Templeton Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee as questions could be raised around the nominee's potential contribution to the board, given the limited relevant work experience. Also, there is lack of clarity on the relevant skills and experience to be on the board of the company.

  25 for1 against
• To approve the appointment of Shri Onkarappa K N (DIN:09403906) as an Independent Director.

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, WhiteOak Capital Mutual Fund

  • Axis Mutual FundOnkarappa K N, 60, is the founder & President of Chetana Vidya Samaste, Davanagere. He is a graduate in Arts and has over 35 years' experience in the field of education & related areas and has served as a Director and Senator at various universities. He is also a Director at PowerGrid Unchahar Transmission Limited (a subsidiary) since February 2022. The company proposes to appoint him as an Independent Director for three years from 17 November 2021. Public sources suggest that he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations in the meeting notice.
  • Bank of India Mutual Fund, WhiteOak Capital Mutual FundOnkarappa K N, 60, is the founder & President of Chetana Vidya Samaste, Davanagere. He is a graduate in Arts and has over 35 years’ experience in the field of education & related areas and has served as a Director and Senator at various universities. He is also a Director at PowerGrid Unchahar Transmission Limited (a subsidiary) since February 2022. The company proposes to appoint him as an Independent Director for three years from 17 November 2021. Public sources suggest that he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations in the meeting notice.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee as questions could be raised around the nominee's potential contribution to the board, given the limited relevant work experience. Also, there is lack of clarity on the relevant skills and experience to be on the board of the company.
  • Invesco Mutual FundOnkarappa K N, 60, is the founder & President of Chetana Vidya Samaste, Davanagere. He is a graduate in Arts and has over 35 years’ experience in the field of education & related areas and has served as a Director and Senator at various universities. He is also a Director at PowerGrid Unchahar Transmission Limited (a subsidiary) since February 2022. The company proposes to appoint him as an Independent Director for three years from 17 November 2021. Public sources suggest that he has political affiliations. We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations in the meeting notice
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)

  20 for6 against
• To approve the appointment of Shri Ram Naresh Tiwari (DIN: 09405377) as an Independent Director

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund, Quantum Mutual Fund, WhiteOak Capital Mutual Fund

  • Axis Mutual FundRam Naresh Tiwari, 41, is an agriculturist and has worked in the field of research, development & implementation of technology adoption in the area of agriculture, mixed farming. He holds a dual Master's Degree in History and Journalism. He is also a Director at PowerGrid Unchahar Transmission Limited (a subsidiary) since February 2022. The company proposes to appoint him as an Independent Director for three years from 18 November 2021. Public sources suggest that he has political affiliations . We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations in the meeting notice.
  • Bank of India Mutual Fund, WhiteOak Capital Mutual FundRam Naresh Tiwari, 41, is an agriculturist and has worked in the field of research, development & implementation of technology adoption in the area of agriculture, mixed farming. He holds a dual Master’s Degree in History and Journalism. He is also a Director at PowerGrid Unchahar Transmission Limited (a subsidiary) since February 2022. The company proposes to appoint him as an Independent Director for three years from 18 November 2021. Public sources suggest that he has political affiliations . We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations in the meeting notice.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee as questions could be raised around the nominee's potential contribution to the board, given the limited relevant work experience. Also, there is lack of clarity on the relevant skills and experience to be on the board of the company.
  • Invesco Mutual FundRam Naresh Tiwari, 41, is an agriculturist and has worked in the field of research, development & implementation of technology adoption in the area of agriculture, mixed farming. He holds a dual Master’s Degree in History and Journalism. He is also a Director at PowerGrid Unchahar Transmission Limited (a subsidiary) since February 2022. The company proposes to appoint him as an Independent Director for three years from 18 November 2021 Public sources suggest that he has political affiliations . We do not support his appointment as an Independent Director as we believe his political affiliations may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliations in the meeting notice
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • Quantum Mutual FundGovernment affiliation.

  19 for7 against
• To approve appointment of Shri Dilip Nigam (DIN: 02990661) as a Government Nominee Director

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, WhiteOak Capital Mutual Fund

  • 360 One Mutual Fund, WhiteOak Capital Mutual FundDilip Nigam, 62, is working as an Adviser/Scientist at the National Solar Mission. He joined the Ministry of New and Renewable Energy in 1987. He worked in wind energy programme of the Ministry for 16 years and established Centre for Wind Energy Technology. He holds a M.Tech in Energy Technology from Asian Institute of Technology, Thailand. His appointment meets all statutory requirements. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board.
  • Axis Mutual Fund, Bank of India Mutual FundDilip Nigam, 62, is working as an Adviser/Scientist at the National Solar Mission. He joined the Ministry of New and Renewable Energy in 1987. He worked in wind energy programme of the Ministry for 16 years and established Centre for Wind Energy Technology. He holds a M.Tech in Energy Technology from Asian Institute of Technology, Thailand. His appointment meets all statutory requirements.While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board.
  • Bandhan Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundAppointment Compliant with law. Governance Concern: Although no concern on the merit of directors, However, the Board is non-compliant with requisite number of IDs, therefore, concern raised against appointment of NIDs.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted as the board independence norms are not met and he is non-independent director nominee.
  • Invesco Mutual FundDilip Nigam, 62, is working as an Adviser/Scientist at the National Solar Mission. He joined the Ministry of New and Renewable Energy in 1987. He worked in wind energy programme of the Ministry for 16 years and established Centre for Wind Energy Technology. He holds a M.Tech in Energy Technology from Asian Institute of Technology, Thailand. His appointment meets all statutory requirements While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual FundNon-Compliant board
  • PPFAS Mutual FundThe composition of the board isn't compliant with the requisite number of independent directors.

  14 for12 against
• To approve appointment of Shri Raghuraj Madhav Rajendran (DIN: 07772370) as a Government Nominee Director.

  ›Against 360 One Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, NJ Mutual Fund, PPFAS Mutual Fund, WhiteOak Capital Mutual Fund

  • 360 One Mutual Fund, Bank of India Mutual Fund, WhiteOak Capital Mutual FundRaghuraj Madhav Rajendran, 43, is a member of the Indian Administrative Service. He has served on many administrative positions in Govt. of India and State Govt. of Madhya Pradesh, like Director – PMO; PS to Minister- Ministry of Steel; Deputy Director, Lal Bahadur Shastri National Academy of Administration, Mussoorie. He holds a B.Tech in Electronics & Communication Engineering from NIT, Calicut. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board.
  • Axis Mutual FundRaghuraj Madhav Rajendran, 43, is a member of the Indian Administrative Service. He has served on many administrative positions in Govt. of India and State Govt. of Madhya Pradesh, like Director - PMO; PS to Minister- Ministry of Steel; Deputy Director, Lal Bahadur Shastri National Academy of Administration, Mussoorie. He holds a B.Tech in Electronics & Communication Engineering from NIT, Calicut. While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board.
  • Bandhan Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundAppointment Compliant with law. Governance Concern: Although no concern on the merit of directors, However, the Board is non-compliant with requisite number of IDs, therefore, concern raised against appointment of NIDs.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted as the board independence norms are not met and he is non-independent director nominee.
  • Invesco Mutual FundRaghuraj Madhav Rajendran, 43, is a member of the Indian Administrative Service. He has served on many administrative positions in Govt. of India and State Govt. of Madhya Pradesh, like Director – PMO; PS to Minister- Ministry of Steel; Deputy Director, Lal Bahadur Shastri National Academy of Administration, Mussoorie. He holds a B.Tech in Electronics & Communication Engineering from NIT, Calicut While his appointment is in line with statutory requirements, we are unable to support his appointment on the board as the board composition is not compliant with regulations on independent director representation. We expect the company to first address the board composition, before appointing their nominees on the board
  • Mirae Asset Mutual FundAs per advisory recommendation (Passive holding)
  • NJ Mutual FundNon-Compliant board
  • PPFAS Mutual FundThe composition of the board isn't compliant with the requisite number of independent directors.

  14 for12 against
• Ratification of remuneration of the Cost Auditors for the Financial Year 2022-23

  ›Against Bandhan Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund

  • Bandhan Mutual Fund, JM Financial Mutual Fund, LIC Mutual FundCompliant with the Law. No concern on merit of Cost Auditor. Governance Concern: Cost Audit fee significantly lower than the minimum suggested fee by ICAI. Transparency Concern: Non-Disclosure of exact turnover that is subject to Cost Audit.

  20 for3 against
• To raise funds up to ₹ 6,000 Crore, from domestic market through issue of secured / unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable / tax-free Debentures/Bonds under Private Placement during the Financial Year 2023-24 in upto twenty tranches/offers.MoreLess

  26 for0 against

Mutual fund votes, meeting of 24 Sep 2021, 21 fund houses

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

• To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of the Company for the Financial Year ended 31st March,2021, together with the Board's Report, the Auditors' Report thereon and comments of the Comptroller and Auditor General of India. nMoreLess

  19 for0 against
• To take note of payment of 1st and 2nd interim dividend and declare final dividend for the Financial Year 2020-21.

  20 for0 against
• To appoint a Director in place of Shri Vinod Kumar Singh (DIN 08679313), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Franklin Templeton Mutual Fund, LIC Mutual Fund, PPFAS Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because: • The board independence norms are not met, and Vinod Kumar Singh is non-independent director nominee.
  • LIC Mutual FundAlthough proposed appointees are eligible, the Board is non-compliant with SEBI LODR Regulation regarding composition of Board of Directors.
  • PPFAS Mutual FundLack of requisite number of independent directors & no woman director.

  17 for3 against
• To appoint a Director in place of Shri M. Taj Mukarrum (DIN 08097837), who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Franklin Templeton Mutual Fund, LIC Mutual Fund, PPFAS Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because: • The board independence norms are not met, and Mohammed Taj Mukarrum is non-independent director nominee.
  • LIC Mutual FundAlthough proposed appointees are eligible, the Board is non-compliant with SEBI LODR Regulation regarding composition of Board of Directors.
  • PPFAS Mutual FundLack of requisite number of independent directors & no woman director.

  18 for3 against
• To authorize the Board of Directors of the Company to fix the remuneration of the Statutory Auditors for the Financial Year 2021-22.

  21 for0 against
• To appoint Shri Abhay Choudhary (DIN 07388432) as a Director liable to retire by rotation.

  ›Against Franklin Templeton Mutual Fund, LIC Mutual Fund, PPFAS Mutual Fund

  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because: • The board independence norms are not met, and Abhay Choudhary is non-independent director nominee.
  • LIC Mutual FundAlthough proposed appointees are eligible, the Board is non-compliant with SEBI LODR Regulation regarding composition of Board of Directors.
  • PPFAS Mutual FundLack of requisite number of independent directors & no woman director.

  17 for3 against
• Ratification of remuneration of the Cost Auditors for the Financial Year 2021-22.

  13 for0 against
• To raise funds up to Rs. 6,000 Crore, from domestic market through issue of secured / unsecured,non-convertible, non-cumulative/cumulative,redeemable,taxable / tax-free Debentures / Bonds under Private Placement during the Financial Year 2022-23 in upto twenty tranches/offers.MoreLess

  20 for0 against

Mutual fund votes, meeting of 20 Jul 2021, 20 fund houses

• To Capitalize Reserves of the Company and to issue Bonus Shares.

  20 for0 against