Trent MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 23 Jun 2026, 38 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 Standalone Financial Statements of the Company for the financial year ended 31st March 2026, together with the Reports of the Board of Directors and Auditors thereon.MoreLess

  37 for0 against
• To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2026, together with the Reports of the Auditors thereon.

  37 for0 against
• To declare a Dividend on Equity Shares for the financial year ended 31st March 2026.

  37 for0 against
• To appoint a Director in place of Mr. Venkatesalu Palaniswamy (DIN: 02190892), who retires by rotation, and being eligible, offers himself for re-appointment.

  38 for0 against
• Re-appointment of Mr. Ravneet Singh Gill (DIN: 00091746) as an Independent Director of the Company.

  ›Against Quantum Mutual Fund

  • Quantum Mutual FundWe take note that Mr. Ravneet Singh Gill is the former CEO of Yes Bank. As per public sources, his tenure at Yes Bank was mired with controversies and mismanagement of bank’s asset quality. Therefore, we do not favour his reappointment as Independent Director.

  37 for1 against
• Re-appointment of Ms. Hema Ravichandar (DIN: 00032929) as an Independent Director of the Company.

  ›Against 360 One Mutual Fund, Aditya Birla Sun Life Mutual Fund, Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Baroda BNP Paribas Mutual Fund, Canara Robeco Mutual Fund, Choice Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, PGIM India Mutual Fund, PPFAS Mutual Fund, Sundaram Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • 360 One Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. No governance concerns identified w.r.t. merit, profile and time commitments of the proposed appointee. Governance concern: Ms. Hema Ravichandar has been associated with the Tata group for more than 10 years, resulting in prolonged association with the Group which may vitiate her independence.
  • Aditya Birla Sun Life Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Hema Ravichandar, 65, is a strategic HR advisor with over four decades of professional experience. She is the former Senior Vice President and Group Head HRD for Infosys Technologies Limited and the Infosys Group. She has served on the board as an Independent Director since 29 December 2021. She attended all five board meetings (100%) in FY26. However, we raise concern that Ms. Hema Ravichandar has been on the board of various Tata Group Companies since 30 March 2009 and consequently her association with the Tata Group has crossed seventeen years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. We do not support her reappointment as an Independent Director.
  • Angel One Mutual FundGovernance concern: Associated with the Tata group for more than 10 years, resulting in prolonged association with the Group which may vitiate director's independence.
  • Baroda BNP Paribas Mutual FundThe director proposed for re-appointment as Independent Director (ID) has been associated with group companies for ~17 years. We are satisfied with the proposed director’s credentials. Due to concerns related to director's independence, we do not support the resolution.
  • Choice Mutual Fund, PPFAS Mutual FundProlonged association with the group.
  • HDFC Mutual FundMs. Hema Ravichandar, 65, is a strategic HR advisor with over four decades of professional experience. Ms. Hema Ravichandar has been on the board of various Tata Group Companies since 30 March 2009 and consequently her association with the Tata Group has crossed seventeen years. We consider her non-independent on account of her long association with the group. We do not support the resolution.
  • Invesco Mutual FundMs. Hema Ravichandar, 65, is a strategic HR advisor with over four decades of professional experience. She is the former Senior Vice President and Group Head HRD for Infosys Technologies Limited and the Infosys Group. She has served on the board as an Independent Director since 29 December 2021. She attended all five board meetings (100%) in FY26. However, we raise concern that Ms. Hema Ravichandar has been on the board of various Tata Group Companies since 30 March 2009 and consequently her association with the Tata Group has crossed seventeen years. We do not support rotation of tenured Independent Directors within the group as we believe that this is not in line with the spirit of the regulations. We do not support her reappointment as an Independent Director
  • LIC Mutual FundConcerns due to prolonged association with the group
  • Nippon India Mutual FundGovernance Concern: Ms. Hema Ravichandar has been associated with the Tata group for more than 10 years, resulting in prolonged association with the Group which may vitiate her independence.
  • WhiteOak Capital Mutual FundMs. Hema Ravichandar, 65, is a strategic HR advisor with over four decades of professional experience. Ms. Hema Ravichandar has been on the board of various Tata Group Companies since 30 March 2009. Given, her long-term association with the group, we do not support her reappointment as an Independent Director.

  16 for21 against
• Appointment of Mr. Bahram N. Vakil (DIN: 00283980) as a Director of the Company.

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

  • Angel One Mutual FundGovernance Concern: No cooling off period served from transition of Independent director to Non-Independent Director.
  • Choice Mutual FundCooling off period not served for transition from ID to NED.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Zerodha Mutual FundCompliant with law. Governance Concern: No cooling off period served from transition of Independent director to Non-Independent Director.
  • LIC Mutual FundConcerns over due to cooling off period not served for transition from ID to NED.
  • PPFAS Mutual FundCooling off period not served for transition from ID to NED

  29 for9 against

Mutual fund votes, meeting of 27 May 2026, 41 fund houses

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

• Re-classification of the Authorised Share Capital of the Company, with consequential amendments in the Memorandum of Association

  41 for0 against
• Issuance of Bonus Shares

  40 for0 against
• Adoption of 'Trent Limited - Employee Stock Option Plan 2026'

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Unifi Mutual Fund

  • Axis Mutual Fund, Jio BlackRock Mutual FundThe company seeks approval for the Trent Limited Employee Stock Option Plan 2026 (ESOP 2026), under which up to 8,88,700 options will be granted, representing ~0.25% dilution on the expanded capital base as of 31 March 2026. The exercise price is fixed at Rs. 3,978.0, based on the closing market price on 15 April 2026. Since this price is set at the time of NRC approval rather than at the time of grant, options issued over an extended period may be granted at a significant discount to the then-prevailing market price. We do not favor schemes where the exercise price exceeds a 20% discount to market price at the time of grant – such structures dilute the 'pay at risk' nature of ESOPs and misalign employee and investor interests. On vesting, the notice states that options vest subject to both continuous employment and achievement of performance parameters, with the NRC empowered to define criteria including revenues, profitability, and other strategic metrics. However specific targets, weightages, or thresholds are not disclosed. We expect the company to provide more clarity on the performance-linked vesting framework. The company must cap the discount at 20% to the market price prevailing at the time of grant. In the absence of such safeguards, the scheme risks resulting in materially discounted grants that undermine alignment between employees and shareholders’ interests. We do not support the resolution.
  • Bank of India Mutual Fund, Unifi Mutual FundThe company seeks approval for the Trent Limited Employee Stock Option Plan 2026 (ESOP 2026), under which up to 8,88,700 options will be granted, representing ~0.25% dilution on the expanded capital base as of 31 March 2026.The exercise price is fixed at Rs. 3,978.0, based on the closing market price on 15 April 2026. Since this price is set at the time of shareholder approval rather than at the time of grant, options issued over an extended period may be granted at a significant discount to the then-prevailing market price. We do not favor schemes where the exercise price exceeds a 20% discount to market price at the time of grant – such structures reduce the 'pay at risk' nature of ESOPs and misalign employee and investor interests.On vesting, the notice states that options vest subject to both continuous employment and achievement of performance parameters, with the NRC empowered to define criteria including revenues, profitability, and other strategic metrics. However specific targets, weightages, or thresholds are not disclosed. We expect the company to provide more clarity on the performance-linked vesting framework.The company must cap the discount at 20% to the market price prevailing at the time of grant. In the absence of such safeguards, the scheme risks resulting in materially discounted grants that undermine alignment between employees and shareholders. We do not support the resolution.
  • HDFC Mutual FundESOPs are being granted at a deep discount to market price. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • While retrospective disclosure of performance metrics and their achievement is positively acknowledged, there is lack of information regarding the weightage assigned to financial (company-linked) and non-financial (individual-linked) parameters especially at senior and KMP level, along with a clear vesting schedule outlining payout levels at threshold, target and maximum performance. • There is lack of a compelling rationale for extending benefits to employees of group and associate entities given that such entities may not directly contribute to the Company’s operational performance.
  • Invesco Mutual FundThe company seeks approval for the Trent Limited Employee Stock Option Plan 2026 (ESOP 2026), under which up to 8,88,700 options will be granted, representing ~0.25% dilution on the expanded capital base as of 31 March 2026. The exercise price is fixed at Rs. 3,978.0, based on the closing market price on 15 April 2026. Since this price is set at the time of shareholder approval rather than at the time of grant, options issued over an extended period may be granted at a significant discount to the then-prevailing market price. We do not favor schemes where the exercise price exceeds a 20% discount to market price at the time of grant – such structures reduce the 'pay at risk' nature of ESOPs and misalign employee and investor interests. On vesting, the notice states that options vest subject to both continuous employment and achievement of performance parameters, with the NRC empowered to define criteria including revenues, profitability, and other strategic metrics. However specific targets, weightages, or thresholds are not disclosed. We expect the company to provide more clarity on the performance-linked vesting framework. The company must cap the discount at 20% to the market price prevailing at the time of grant. In the absence of such safeguards, the scheme risks resulting in materially discounted grants that undermine alignment between employees and shareholders. We do not support the resolution.

  33 for7 against
• Approve extending the benefits of 'Trent Limited - Employee Stock Option Plan 2026' to the employees of group company(ies) including subsidiary company(ies) and/or associate company(ies) of the CompanyMoreLess

  ›Against Axis Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual Fund, Unifi Mutual Fund

  • Axis Mutual Fund, Jio BlackRock Mutual Fund, Taurus Mutual FundThrough resolution #4, the company seeks shareholder approval for extending the benefits of ESOP 2026 to eligible employees of subsidiary and associate companies. While we understand from the company that the ESOP 2026 framework aims to include employees deputed across the company and its group entities for specific assignments or projects, our view is linked to resolution #3. We do not support the resolution.
  • Bank of India Mutual Fund, HDFC Mutual Fund, Unifi Mutual FundThrough resolution #4, the company seeks shareholder approval for extending the benefits of to the eligible employees of subsidiary and associate companies. Our view is linked to resolution #3. Further, we do not support extending benefits to employees of group companies other than unlisted holding and subsidiary companies. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST these resolutions is warranted because: • While retrospective disclosure of performance metrics and their achievement is positively acknowledged, there is lack of information regarding the weightage assigned to financial (company-linked) and non-financial (individual-linked) parameters especially at senior and KMP level, along with a clear vesting schedule outlining payout levels at threshold, target and maximum performance. • There is lack of a compelling rationale for extending benefits to employees of group and associate entities given that such entities may not directly contribute to the Company’s operational performance.
  • Invesco Mutual FundThe company seeks shareholder approval for extending the benefits of to the eligible employees of subsidiary and associate companies. Further, we do not support extending benefits to employees of group companies other than unlisted holding and subsidiary companies. We do not support the resolution

  33 for8 against

• Tax disputeIncome Tax DepartmentSince 24 Jan 2018
  The company has received OGE order to CIT(A) on 30th June 2026 wherein AO has allowed the expenditure of Rs 11.25 crs and refund of Rs 8.78 crs was determined and the same has been received. Further, the company has filed rectification application vide letter dated 24.07.2026 wherein relief has been short granted by Rs 11.57 crs in the above order and the same is under process. Also, it has filed OGE application to ITAT (for Rs 11.50 lacs matter) before AO vide letter dated 04.06.2026 and the same is under process.MoreLess
  At the filing before: The Company has filed an appeal before NFAC/ CIT(A) against the assessment orders issued by the assessing officer, Income Tax department for disallowance of certain business expenses for the AY 2014-15. NFAC/CIT(A) passed the appellate order wherein certain issues have been decided partly in favour of Company. The Company as well as the Income Tax Department has filed appeal before Income Tax Appellate Tribunal. Hon’ble ITAT has heard the matter on 23rd January 2026 and outcome of the same has been decided in the favour of the company The company is in process of obtaining order giving effect of the same from AO.MoreLess
• Tax disputeIncome Tax DepartmentSince 19 Jan 2019
  The company has received OGE order to CIT(A) on 30th June 2026 wherein AO has allowed the expenditure of Rs 24.95 crs and the same has resulted into demand of Rs 1.27 crs (due to short grant of MAT credit) and this demand has been stayed by IT authorities. Further, the company has filed rectification application vide letter dated 24.07.2026 wherein relief has been short granted by Rs 19.06 crs in the above order and the same is under process. Also, it has filed OGE application to ITAT (for Rs 39.41 lacs matter) before AO vide letter dated 09.06.2026 and the same is under process.MoreLess
  At the filing before: The Company has filed an appeal before NFAC/ CIT(A) against the assessment orders issued by the assessing officer, Income Tax department for disallowance of certain business expenses for the AY 2016-17. NFAC/ CIT(A) passed the appellate order wherein certain issues have been decided partly in favour of Company. The Company as well as Income Tax Department has filed appeal before Income Tax Appellate Tribunal. Hon’ble ITAT has heard the matter on 22nd April 2026 and outcome of the same has been decided in the favour of the company and the company is in process of obtaining order giving effect of the same from AO.MoreLess
• Tax disputeIncome Tax DepartmentSince 11 Jan 2020
  The company has received OGE order to ITAT on 1st July 2026 wherein relief has been granted and refund of Rs 35 lacs has been determined, and this has been duly received by way of adjustment against old tax demand. Further, there is no tax pendency in these regards.MoreLess
  At the filing before: The appeal for AY 2017-18 has been heard by CIT(A) and decided partly in favour of the Company. The Company is entitled to refund of ₹ 12.10 crore including interest of ₹ 2.23 crore. The Company has filed an appeal with ITAT as the order from CIT(A) was partly in favour. The company has received the tax refund of Rs 12.10 crs. Further, the hon’ble ITAT has decided the matter in the favour of the company. The company is in process of obtaining order giving effect of the same from AO.MoreLess
• Tax disputeIncome Tax DepartmentSince 4 Sep 2021
  The company is in process to obtain OGE to ITAT from AO and the same is in process.
  At the filing before: The Company has filed an appeal before NFAC/ CIT(A) against the assessment orders issued by the assessing officer, Income Tax department for disallowance of certain business expenses for the AY 2018-19. The Company as well as Income Tax Department has filed an appeal before Income Tax Appellate Tribunal. Hon’ble ITAT has heard the matter on 28.01.2026 and outcome of the same has been decided in the favour of the company The company is in process of obtaining order giving effect of the same from AOMoreLess
• Tax disputeIncome Tax DepartmentSince 19 Oct 2022
  The company is in process to obtain OGE to CIT(A) & ITAT from AO and the same is in process.
  At the filing before: The Company has filed an appeal before NFAC/ CIT(A) against the assessment orders issued by the assessing officer, Income Tax department for disallowance of certain business expenses for the AY 2020-21. NFAC/ CIT(A) passed the appellate order wherein certain issues have been decided partly in favour of Company. The Company had filed appeal before ITAT against certain issues and the same has been duly heard and dispose in the favour of the company vide order dated 03rd December 2025. Further, Income Tax Department has also filed an appeal before Income Tax Appellate Tribunal. Date of hearing is fixed on 28th January 2026 Hon’ble ITAT has heard the matter on 03rd December 2025 and outcome of the same has been decided in the favour of the company The company is in process of obtaining order giving effect of the same from AO.MoreLess

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

Yes

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

No

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.