Shareholders approve: Ambani scions to soon become RIL's non-executive directors
Reliance Industries' shareholders have given the green light for Isha Ambani, Akash Ambani, and Anant Ambani to become non-executive directors of the company. This was revealed in a stock exchange filing on Friday. Chairman Mukesh Ambani at the company's 46th Annual General Meeting had expressed that his children are "confidently taking over the reins" in various business sectors.
Roles and responsibilities of the Ambani scions
Isha leads Reliance Retail and serves as a non-executive director on the board of Jio Financial Services Limited. Akash Ambani, appointed as Chairman of Reliance Jio Infocomm's board last year, also serves on the board of Jio Platforms. He is responsible for spearheading the group's efforts in emerging technologies such as 5G, artificial intelligence, blockchain, and IoT. Anant Ambani holds positions on the boards of Jio Platforms, Reliance Retail Ventures, Reliance New Energy, Reliance New Solar Energy, and Reliance Foundation.
Voting percentages for each sibling
The proposals to appoint Isha, Akash, and Anant as non-executive directors received approval from 98.21%, 98.06%, and 92.76% of the total votes cast, respectively. This approval came despite domestic proxy advisory firm Institutional Investor Advisory Services (IiAS) recommending shareholders vote against Anant's appointment due to his young age and limited leadership experience. US-based Institutional Shareholder Services (ISS) also issued a similar suggestion to investors.
Nita Ambani steps down amid succession plans
In another significant development, the board of directors accepted Nita Ambani's resignation as part of the leadership transition at Reliance Industries. Mukesh Ambani alluded to this shift in December 2021, stating, "I have no doubt that Akash, Isha, and Anant as the next-gen leaders will lead Reliance to even greater heights." This decision aligns with the gradual promotion of the Ambani siblings to oversee various businesses within the conglomerate.
