Reliance Industries MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 29 Aug 2025, 42 fund houses

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

• To consider and adopt the audited financial statement of the Company for the financial year ended March 31, 2025 and the reports of the Board of Directors and Auditors thereon

  39 for0 against
• To consider and adopt the audited consolidated financial statement of the Company for the financial year ended March 31, 2025 and the report of Auditors thereon

  35 for0 against
• To declare dividend on equity shares for the financial year ended March 31, 2025

  40 for0 against
• To appoint Shri Nikhil R. Meswani (DIN: 00001620), who retires by rotation, as a Director

  42 for0 against
• To appoint Ms. Isha M. Ambani (DIN: 06984175), who retires by rotation, as a Director

  42 for0 against
• To ratify the remuneration of Cost Auditors for the financial year ending March 31, 2026

  40 for0 against
• To appoint Secretarial Auditor

  42 for0 against
• To approve Material Related Party Transactions of the Company

  ›Against 360 One Mutual Fund, Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNon-compliant with SEBI Circular: Omnibus approval sought for more than 1 year; Governance Concern: Basis for Arm’s Length pricing not disclosed for one of the transactions proposed.
  • Angel One Mutual FundOmnibus approval sought for more than one year; Governance Concern: Basis for Arm’s Length pricing not disclosed for one of the transactions proposed.
  • Motilal Oswal Mutual FundNon-compliant with SEBI Circular: Omnibus approval sought for more than 1 year.
  • PGIM India Mutual FundNon-compliant with SEBI Circular: Omnibus approval sought for more than 1 year; Governance Concern: Basis for Arm s Length pricing not disclosed for one of the transactions proposed.
  • PPFAS Mutual FundOmnibus approval sought for more than 1 year; Basis for Arm’s Length not disclosed for all RPTs

  30 for10 against
• To approve Material Related Party Transactions of Subsidiaries of the Company

  42 for0 against

Mutual fund votes, meeting of 29 Jul 2025, 42 fund houses

• To approve the appointment of Shri Anant M. Ambani (DIN: 07945702) as a Whole-time Director, designated as an Executive Director

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency concern: However, the proposed annual salary, perquisites, and allowances are higher than or on par with those of other Executive Directors who have significantly more Board and industry experience. The Company should clarify the reasoning behind the remuneration terms. In the absence of such an explanation, the proposed terms appear unjustified.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with law. No concerns regarding his profile or the transition from a Non-Executive to an Executive role. Governance & Transparency concern: However, the proposed annual salary, perquisites, and allowances are higher than or on par with those of other Executive Directors who have significantly more Board and industry experience. The Company should clarify the reasoning behind the remuneration terms. In the absence of such an explanation, the proposed terms appear unjustified.
  • Canara Robeco Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundAnant Ambani, 30, is the son of Mukesh Ambani- promoter and CMD. He has a bachelor’s degree from Brown University, USA. He was appointed as Non-Executive Non-Independent Director of the company from 27 October 2023. The company proposed to appoint him as Whole-time Director for five years from 1 May 2025. Anant Ambani is responsible for RIL’s Capital Projects Execution and is closely involved in the planning, execution, and monitoring of ongoing O2C projects in the vinyl chain and speciality polyesters as well as the New Energy Gigafactories. With less than ten years of relevant post-qualification work experience and at 30 years of age, Anant Ambani’s appointment as Whole-time Director is not in line with our voting guidelines. The remuneration terms include share of net profits as determined by RIL’s HRNR committee. Given the lack of clarity and no caps on the absolute level of compensation, we are unable to estimate the overall remuneration for the proposed tenure. The company has not disclosed the performance metrics which will determine the variable payout. The company has not disclosed how it has benchmarked the remuneration. The remuneration terms include reimbursement of expenses incurred for travelling, boarding and lodging including for Anant Ambani’s spouse and attendants during business trips. We believe such expenses are personal in nature and should be borne by the director himself. Given these concerns, we do not support the resolution. As good practice, we recommend companies build malus and clawback clauses into remuneration agreements for executive directors.
  • Invesco Mutual FundAnant Ambani, 30, is the son of Mukesh Ambani- promoter and CMD. He has a bachelor’s degree from Brown University, USA. He was appointed as Non-Executive Non-Independent Director of the company from 27 October 2023. The company proposed to appoint him as Whole-time Director for five years from 1 May 2025. Anant Ambani is responsible for RIL’s Capital Projects Execution and is closely involved in the planning, execution, and monitoring of ongoing O2C projects in the vinyl chain and speciality polyesters as well as the New Energy Gigafactories. With less than ten years of relevant post-qualification work experience and at 30 years of age, Anant Ambani’s appointment as Whole-time Director is not in line with our voting guidelines. The remuneration terms include share of net profits as determined by RIL’s HRNR committee. Given the lack of clarity and no caps on the absolute level of compensation, we are unable to estimate the overall remuneration for the proposed tenure. The company has not disclosed the performance metrics which will determine the variable payout. The company has not disclosed how it has benchmarked the remuneration. The remuneration terms include reimbursement of expenses incurred for travelling, boarding and lodging including for Anant Ambani’s spouse and attendants during business trips. We believe such expenses are personal in nature and should be borne by the director himself. Given these concerns, we do not support the resolution. As good practice, we recommend companies build malus and clawback clauses into remuneration agreements for executive directors
  • NJ Mutual FundAnant Ambani, 30, is the son of Mukesh Ambani- promoter and CMD. He has a bachelor’s degree from Brown University, USA. He was appointed as Non-Executive Non- Independent Director of the company from 27 October 2023. The company proposed to appoint him as Whole-time Director for five years from 1 May 2025. Anant Ambani is responsible for RIL’s Capital Projects Execution and is closely involved in the planning, execution, and monitoring of ongoing O2C projects in the vinyl chain and speciality polyesters as well as the New Energy Gigafactories. With less than ten years of relevant post-qualification work experience and at 30 years of age, Anant Ambani’s appointment as Whole-time Director is not in line with our voting guidelines. The remuneration terms include share of net profits as determined by RIL’s HRNR committee. Given the lack of clarity and no caps on the absolute level of compensation, we are unable to estimate the overall remuneration for the proposed tenure. The company has not disclosed the performance metrics which will determine the variable payout. The company has not disclosed how it has benchmarked the remuneration. The remuneration terms include reimbursement of expenses incurred for travelling, boarding and lodging including for Anant Ambani’s spouse and attendants during business trips. We believe such expenses are personal in nature and should be borne by the director himself. Given these concerns, we do not support the resolution. As good practice, we recommend companies build malus and clawback clauses into remuneration agreements for executive directors.
  • PPFAS Mutual FundRemuneration at par /higher than what is proposed to other Executive Directors
  • Quantum Mutual FundWe do not have any concern on the profile, time commitments and attendance of Mr. Anant Ambani. However, we take note that the proposed remuneration includes “Expenses incurred for travelling, boarding and lodging including for Shri Anant Ambani’s spouse and attendant(s) during business trips and provision of car(s) for use on Company’s business and communication expenses”. We are of the view that as a good governance practice, the personal expenses should not be included in the remuneration package of the director. Therefore, we do not favour the resolution.

  24 for18 against
• To re-appoint Shri Hital R. Meswani (DIN: 00001623) as a Whole-time Director, designated as an Executive Director

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency concern raised on account of ESOPs proposed to Mr. Hital Meswani, a Promoter-related Director, without an absolute cap on potential ESOPs when there is potential for influence arising from his association with the Promoter Group.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with law. No concern on profile and merit of Mr. Hital R. Meswani. Governance & Transparency concern raised on account of ESOPs proposed to Mr. Hital Meswani, a Promoter-related Director, without an absolute cap on potential ESOPs when there is potential for influence arising from his association with the Promoter Group.
  • Canara Robeco Mutual Fund, NJ Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundHital Meswani, 57, is Executive Director of Reliance Industries Limited. His overall responsibility includes the petroleum refining and marketing business, petrochemicals manufacturing, and several corporate functions of the company, including information technology and research and technology. He has been on board since 3 August 1995. He has attended all six board meetings held in FY25. His FY25 remuneration aggregated Rs. 250 mn. While we support Hital Meswani’s reappointment as Whole-time Director, we do not support the resolution because the terms of his proposed remuneration are unclear. We are unable to estimate the level of his proposed remuneration because there is no clarity on the stock option grants that he is likely to receive during the proposed terms. We expect companies to disclose a maximum cap on the proposed remuneration, which would enable us to make a more informed decision with respect to the proposed remuneration. We do not support the resolution. As good practice, we recommend companies build malus and clawback clauses into remuneration agreements for executive directors.
  • Invesco Mutual FundHital Meswani, 57, is Executive Director of Reliance Industries Limited. His overall responsibility includes the petroleum refining and marketing business, petrochemicals manufacturing, and several corporate functions of the company, including information technology and research and technology. He has been on board since 3 August 1995. He has attended all six board meetings held in FY25. His FY25 remuneration aggregated Rs. 250 mn. While we support Hital Meswani’s reappointment as Whole-time Director, we do not support the resolution because the terms of his proposed remuneration are unclear. We are unable to estimate the level of his proposed remuneration because there is no clarity on the stock option grants that he is likely to receive during the proposed terms. We expect companies to disclose a maximum cap on the proposed remuneration, which would enable us to make a more informed decision with respect to the proposed remuneration. We do not support the resolution. As good practice, we recommend companies build malus and clawback clauses into remuneration agreements for executive directors. We do not support the resolution.
  • PPFAS Mutual FundESOPs proposed to Promoter Related Director without absolute cap
  • Quantum Mutual FundWe do not have any concern on the profile, time commitments and attendance of Mr. Hital R. Meswani. However, we take note that the proposed remuneration includes “Expenses incurred for travelling, boarding and lodging including for Mr. Hital R. Meswani’s spouse and attendant(s) during business trips and provision of car(s) for use on Company’s business and communication expenses”. We are of the view that as a good governance practice, the personal expenses should not be included in the remuneration package of the director. We also take note that the remuneration package entitles Mr. Meswani to ESOPs. Mr. Hital Meswani is the son of Mr. Rasiklal Meswani, one of the Founder Directors of the Company, as well as the first cousin of Mr. Mukesh Ambani. We, therefore, classify Mr. Meswani as a promoter. As per SEBI regulation, promoters and their immediate relatives cannot be issued ESOPs. In view of the concerns, we do not favour the resolution.

  25 for17 against
• To approve the appointment of Shri Dinesh Kanabar (DIN:00003252) as an Independent Director of the Company

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance & Transparency concern:Pecuniary Relationship with the Company - Mr. Dinesh Kanabar serves as the CEO and Partner of Dhruva Advisory LLP. Although amount not material, however, the Company enters into transactions on a continuous basis with Dhruva Advisors LLP and additionally, there is no clarity or cap on the quantum of future RPTs and also, on the quantum of RPT entered at the subsidiary level. Hence, governance and transparency concerns are identified.
  • Bandhan Mutual Fund, Bank of India Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundAppointment compliant with law. Governance & Transparency concern: Although amount not material, however, the Company enters into transactions on a continuous basis with Dhruva Advisors LLP and additionally, there is no clarity or cap on the quantum of future RPTs and also, on the quantum of RPT entered at the subsidiary level. Hence, governance and transparency concerns are identified.
  • Canara Robeco Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Unifi Mutual FundDinesh Kanabar, 66, is the Founder and CEO, Dhruva Advisors LLP, a tax and regulatory advisory firm in India. He has experience in India’s tax and regulatory landscape. He previously served as deputy Chief Executive Officer of KPMG India, Chairperson of the Tax Practice at PwC India and Deputy Managing Partner of RSM & Co. He has been an Independent Director on the board of Jio Platforms Limited, a subsidiary, since July 2020. We will consider his overall association with the group while computing his tenure. RIL engages with Dhruva Advisors LLP, among various Indian and international consultancy firms, depending upon subject matter and expertise of the firm. While the company has stated that fees paid to Dhruva Advisors LLP by RIL and its subsidiaries form a very small part of the revenue of the firm, given the conflict of interest caused by existing business relationships, we do not support Dinesh Kanabar’s appointment as Independent Director. The company must consider appointing him as a Non-Executive Non-Independent Director. We do not support the resolution.
  • Franklin Templeton Mutual FundA vote AGAINST the nominee is warranted because Dinesh Kanabar is Founder and CEO of Dhruva Advisors LLP, which renders professional services to the company. Such transactions may compromise director's ability to impartially and independently scrutinize board decisions, and he has been re-classified as non-independent.
  • HSBC Mutual FundA vote AGAINST the nominee is warranted because:_x000D_ • Dinesh Kanabar is Founder and CEO of Dhruva Advisors LLP, which renders professional services to the company. Such transactions may compromise director's ability to impartially and independently scrutinize board decisions, and he has been re-classified as non-independent.
  • Invesco Mutual FundDinesh Kanabar, 66, is the Founder and CEO, Dhruva Advisors LLP, a tax and regulatory advisory firm in India. He has experience in India’s tax and regulatory landscape. He previously served as deputy Chief Executive Officer of KPMG India, Chairperson of the Tax Practice at PwC India and Deputy Managing Partner of RSM & Co. He has been an Independent Director on the board of Jio Platforms Limited, a subsidiary, since July 2020. We will consider his overall association with the group while computing his tenure. RIL engages with Dhruva Advisors LLP, among various Indian and international consultancy firms, depending upon subject matter and expertise of the firm. While the company has stated that fees paid to Dhruva Advisors LLP by RIL and its subsidiaries form a very small part of the revenue of the firm, given the conflict of interest caused by existing business relationships, we do not support Dinesh Kanabar’s appointment as Independent Director. The company must consider appointing him as a Non-Executive Non-Independent Director. We do not support the resolution
  • NJ Mutual FundDinesh Kanabar, 66, is the Founder and CEO, Dhruva Advisors LLP, a tax and regulatory advisory firm in India. He has experience in India’s tax and regulatory landscape. He previously served as deputy Chief Executive Officer of KPMG India, Chairperson of the Tax Practice at PwC India and Deputy Managing Partner of RSM & Co. He has been an Independent Director on the board of Jio Platforms Limited, a subsidiary, since July 2020. We will consider his overall association with the group while computing his tenure. RIL engages with Dhruva Advisors LLP, among various Indian and international consultancy firms, depending upon subject matter and expertise of the firm. While the company has stated that fees paid to Dhruva Advisors LLP by RIL and its subsidiaries form a very small part of the revenue of the firm, given the conflict of interest caused by existing business relationships, we do not support Dinesh Kanabar’s appointment as Independent Director. The company must consider appointing him as a Non-Executive Non- Independent Director. We do not support the resolution.
  • PPFAS Mutual FundPecuniary relationship on a continuous basis, no clarity regarding future quantum of fee and no disclosure regarding RPT quantum at subsidiary level
  • Quantum Mutual FundWe take note that Mr. Dinesh Kanabar is the Founder CEO and Partner of Dhruva Advisors LLP. The company has regularly entered into transaction with the firm. The payment made to Dhruva Advisors LLP was Rs. 2.2 bn in FY’25. We are of the view that there exists a pecuniary relationship between Mr. Dinesh Kanabar and the company. Therefore, we do not favour his appointment.

  22 for20 against

Mutual fund votes, meeting of 15 Oct 2024, 38 fund houses

• Issue of Bonus Shares

  37 for0 against
• Increase in Authorised Share Capital and consequent alteration to the Capital Clause of the Memorandum of Association

  38 for0 against

Mutual fund votes, meeting of 29 Aug 2024, 36 fund houses

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

• To consider and adopt the audited financial statement of the Company for the financial year ended March 31, 2024 and the reports of the Board of Directors and Auditors thereon

  31 for0 against
• To consider and adopt the audited consolidated financial statement of the Company for the financial year ended March 31, 2024 and the report of Auditors thereon

  33 for0 against
• To declare dividend on equity shares for the financial year ended March 31, 2024

  33 for0 against
• To appoint Shri Hital R. Meswani (DIN: 00001623), who retires by rotation as a Director

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.

  33 for1 against
• To appoint Shri P.M.S. Prasad (DIN: 00012144), who retires by rotation as a Director

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundWe have concerns about insufficient independence on the board.

  33 for1 against
• To ratify the remuneration of Cost Auditors

  31 for0 against
• To approve Material Related Party Transactions of the Company

  34 for0 against

Mutual fund votes, meeting of 20 Jun 2024, 38 fund houses

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

• Appointment of Shri Haigreve Khaitan (DIN: 00005290) as an Independent Director of the Company

  ›Against 360 One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bank of India Mutual Fund, Navi Mutual Fund, NJ Mutual Fund, Sundaram Mutual FundHaigreve Khaitan, 53, is a Senior Partner at Khaitan & Co. He heads the Corporate, M&A and Private Equity practice for the firm. He has been a director on the board of Jio Platforms Limited, a subsidiary of Reliance Industries Limited (RIL), since July 2020. We will consider his overall association with the RIL group while computing his tenure. Haigreve Khaitan has represented and advised RIL on internal restructuring and multiple large acquisitions. RIL engages with Khaitan & Co, among various Indian and international law firms, depending upon subject matter and expertise of the law firm. While the company has stated that fees paid to Khaitan & Co by RIL and its subsidiaries form a very small part of the revenue of Khaitan & Co, given the conflict of interest caused by existing business relationships, we do not support the resolution. Further, Haigreve Khaitan serves as Independent Director on the boards of seven listed companies (including RIL). Given their full-time responsibilities, regulations allow whole-time directors of listed companies to be independent directors in a maximum of three listed companies. We believe that as Senior Partner of Khaitan & Co., his responsibilities are equivalent to a whole-time directorship. Therefore, his high number of directorships on listed companies is not in keeping with the spirit of the regulation.
  • Bandhan Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, JM Financial Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund, Trust Mutual FundAppointment is compliant with law. Governance Concern: Excessive time commitments. Transparency Concern: Details of pecuniary relationship between firm and Company not provided in the notice.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • Haigreve Khaitan serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company. • Haigreve Khaitan is Partner of Khaitan & Co., Solicitors & Advocates, which renders professional services to the company. Such transactions may compromise director's ability to impartially and independently scrutinize board decisions.
  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: Haigreve Khaitan serves on a total of more than six public company boards, which could potentially compromise his ability to commit sufficient time to his role in the company. Haigreve Khaitan is Partner of Khaitan & Co., Solicitors & Advocates, which renders professional services to the company. Such transactions may compromise director's ability to impartially and independently scrutinize board decisions.
  • Invesco Mutual FundMr. Khaitan, is a Senior Partner at Khaitan & Co. He heads the Corporate, M&A and Private Equity practice for the firm. He has been a director on the board of Jio Platforms Limited, a subsidiary of Reliance Industries Limited (RIL), since July 2020. Haigreve Khaitan has represented and advised RIL on internal restructuring and multiple large acquisitions. RIL engages with Khaitan & Co, among various Indian and international law firms, depending upon subject matter and expertise of the law firm. While the company has stated that fees paid to Khaitan & Co by RIL and its subsidiaries form a very small part of the revenue of Khaitan & Co, given the conflict of interest caused by existing business relationships, we do not support the resolution. Company may consider appointing him as non-independent director.
  • Nippon India Mutual FundPecuniary relation not disclosed
  • PPFAS Mutual FundExcessive time commitments; Details of pecuniary relation not disclosed
  • Zerodha Mutual FundExcessive time commitments; Details of pecuniary relation not disclosed.

  18 for18 against
• Re-appointment of His Excellency Yasir Othman H. Al Rumayyan (DIN: 09245977) as an Independent Director of the Company

  ›Against 360 One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Franklin Templeton Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, JM Financial Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, NJ Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Quantum Mutual Fund, Sundaram Mutual Fund, Taurus Mutual Fund, Trust Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bank of India Mutual Fund, Navi Mutual Fund, NJ Mutual Fund, Sundaram Mutual Fund, Taurus Mutual FundHis Excellency Yasir Othman H. Al Rumayyan, 54, is the Governor and Board Member of Public Investment Fund of Saudi Arabia (PIF). He is also the Non-Executive Chairperson of Saudi Arabian Oil Company (Aramco). He has over 25 years of work experience across financial institutions of Saudi Arabia. He has been on the board of Reliance Industries Limited since 19 July 2021. He has attended 71% (5 out of 7) board meetings held in FY24 and 76% (13 out of 17) board meetings held in the last three years. We expect directors to attend all board meetings or atleast 75% board meetings over a three-year period. We note that in FY21, PIF invested Rs. 113.7 bn in Jio Platforms Limited for a 2.32% stake and invested Rs. 95.6 bn for a 2.04% stake (on a fully diluted basis) in Reliance Retail Ventures Limited. We understand that His Excellency Yasir Othman H. Al Rumayyan is accomplished in his own right, and brings experience and skills that are beneficial for RIL, particularly in the New Energy and Materials business. His reappointment is compliant with the Companies Act and SEBI LODR. However, given the association of PIF with RIL, we believe he must be reappointed as a non-independent non-executive director.
  • Bandhan Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, PGIM India Mutual Fund, Quantum Mutual Fund, Trust Mutual FundCompliant with law. No concerns on merit, qualifications, experience and suitability of appointee. Governance Concern: De-Facto nominee of Investor Companies cannot be ID.
  • Franklin Templeton Mutual FundA vote AGAINST the following nominee is warranted because: • His Excellency Yasir Othman Al-Rumayyan has failed to attend at least 75 percent of board meetings in the most recent fiscal year, without a satisfactory explanation. • He is the Governor of the Public Investment Fund (PIF) of Saudi Arabia, which has economic interest upto 2% or higher in company's material subsidiaries. Therefore, he has been re-classified as non_x0002_independent given the potential conflict of interest.
  • HSBC Mutual FundWe have concerns about insufficient independence on the board.We have concerns about the director's attendance at board meetings.
  • Invesco Mutual FundHis Excellency Yasir Othman H. Al Rumayyan, is the Governor and Board Member of Public Investment Fund of Saudi Arabia (PIF). He is also the Non-Executive Chairperson of Saudi Arabian Oil Company (Aramco). He has over 25 years of work experience across financial institutions of Saudi Arabia. He has been on the board of Reliance Industries Limited since 19 July 2021. He has attended 71% (5 out of 7) board meetings held in FY24 and 76% (13 out of 17) board meetings held in the last three years. We expect directors to attend all board meetings or atleast 75% board meetings over a three-year period. We note that in FY21, PIF invested Rs. 113.7 bn in Jio Platforms Limited for a 2.32% stake and invested Rs. 95.6 bn for a 2.04% stake (on a fully diluted basis) in Reliance Retail Ventures Limited. We understand that His Excellency Yasir Othman H. Al Rumayyan is accomplished in his own right, and brings experience and skills that are beneficial for RIL, particularly in the New Energy and Materials business. His reappointment is compliant with the Companies Act and SEBI LODR. However, given the association of PIF with RIL, we believe he must be reappointed as a non-independent non-executive director.
  • JM Financial Mutual FundCompliant with law. No concerns on merit, qualifications, experience and suitability of appointee. Governance Concern: De-Facto nominee of Investor Companies cannot be Independent Director.
  • Nippon India Mutual FundDe-facto nominee director
  • PPFAS Mutual FundAppears to be de-facto nominee director
  • Zerodha Mutual FundAppears to be de-facto nominee director.

  19 for19 against
• Re-appointment of Shri P.M.S. Prasad (DIN: 00012144) as a Whole-time Director designated as an Executive Director

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundA vote AGAINST the following nominee is warranted because: The board independence norms are not met based on our reclassification and PMS Prasad is a non-independent director nominee.

  35 for1 against
• Approval of Material Related Party Transactions of the Company

  35 for0 against
• Approval of Material Related Party Transactions of subsidiaries of the Company

  35 for0 against

Mutual fund votes, meeting of 26 Oct 2023, 30 fund houses

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

• Appointment of Ms. Isha M. Ambani (DIN: 06984175) as a Non-Executive Director of the Company

  29 for0 against
• Appointment of Shri Akash M. Ambani (DIN: 06984194) as a Non-Executive Director of the Company

  29 for0 against
• Appointment of Shri Anant M. Ambani (DIN: 07945702) as a Non-Executive Director of the Company

  ›Against Bank of India Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund

  • Bank of India Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual FundAnant Ambani, 28, is the son of Mukesh Ambani- promoter and CMD. He is driving the expansion of energy and materials businesses of Reliance Industries and its global operations in renewable and green energy. Under his leadership, Reliance aims to become a Net Carbon Zero company by 2035 by building world-scale capabilities in the production of clean fuels and materials of the future, developing next generation carbon capture and storage technologies, creating holistic and circular materials businesses, and maximising crude to chemicals conversion. The company has clarified that Anant Ambani’s appointment is expected to be effective before 31 December 2023. At 28 years of age, his appointment as a Non-Executive Non-Independent Director does not align with our voting guidelines.

  26 for3 against