Vote against outgoing independent directors family members, advisory firm tells investors
The Companies Act 2013 has put a limit on the tenure of independent directors to a maximum of 10 years (two terms of five years each)
Dipak Mondal | February 22, 2021 | Updated 13:46 IST
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Institutional Investors Advisory Services (IiAS), a proxy advisory firm, has suggested investors vote against family members of independent directors whose tenures in a company have come to an end.
The proxy advisory firm says investors should avoid voting such family members of tenured independent directors unless the board is able to disclose the process it followed (including - but not limited to - the number of candidates considered and the pool from which candidates were sourced), and the criteria used to select such candidates .
India beats emerging markets peers in boardroom gender parity
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Synopsis
A study by global index provider MSCI showed that women constituted 17% of Indian boards against 13% in China, 10% in Russia, 9% in Mexico and 14% in Brazil. But India trails South Africa (29%), Thailand (19%), the US (28%) and the UK (34%) in ensuring diversity at the highest decision-making body of a company.
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In India, 6% of the companies studied had no women on their boards. It was lower than countries like China (29%), Brazil (28%) and Russia (25%).
India beats its emerging market peers in ensuring gender parity in its board rooms, although its score trails those of the US and the UK, where nearly a third of the board members at top companies are women.