Below are key takeaways from ISS’ recently released 2023 Proxy Season Review – India. The full report is available to institutional subscribers by logging into ProxyExchange then selecting the Governance Exchange and its Report Center tab and to corporate subscribers by logging into Governance Analytics then selecting the Governance Exchange and the Report Center tab.
- AGM calendar: September remained the peak month for conducting AGMs. Of the 1,189 AGMs in season, 78% were held in the month of August and September.
- Shareholder dissent: There was an increase in dissent votes on compensation and director election related agenda items. However, aggregate proposals that received more than 20% dissent votes was lower compared to the previous year.
- Agenda Items: Regulatory changes led to a noticeable uptick in the number of related party transactions on ballot during the 2023 proxy season.
- Board refreshment: Many companies will need to reassess their board composition to ensure a smooth transition before the mandatory retirement rule takes effect in September 2024.
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By: India Research Team
