Mukesh Ambani’s Son Anant Ambani Encounters Resistance for Board Seat

Institutional Shareholder Services, a firm that advises shareholders worldwide, suggests that shareholders should not support the idea of adding Anant Ambani, the youngest son of billionaire Mukesh Ambani, to the board of Reliance Industries.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership and board experience of around six years raises concerns about his potential contribution to the board,” the firm said in a note on October 12. ISS said they are in favour of Isha and Akash Ambani, who are 31 years old, joining the board. Anant, who is 28 years old, is their younger sibling. The vote by shareholders to decide this will end on October 26.

ISS’s concerns are similar to the suggestions made by Institutional Investor Advisory Services (IIAS) in Mumbai. In their October 9 report, IIAS stated that appointing Anant Ambani at the age of 28 doesn’t match their voting guidelines. However, IIAS supports the proposals to elect Isha and Akash.

Glass Lewis, another global proxy advisory company, supports Anant’s appointment. Decky Windarto, Glass Lewis’s director of Asia-Pacific research, stated in an email, “We do not single out Anant Ambani from the other siblings based on experience. We noted that the other two directors up for election are just three years older than Anant, with similar professional experiences.”