Reliance Industries Limited (RIL) shareholders have granted their approval for the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as non-executive directors of the company. This news was officially disclosed in a stock exchange filing on Friday. The announcement coincided with RIL’s Q2FY24 results, resulting in a 1.8% increase in the conglomerate’s shares.
The decision to appoint Mukesh Ambani’s children to the company’s board follows his announcement at RIL’s 46th Annual General Meeting regarding succession planning for India’s most valuable private sector company.
Mukesh Ambani expressed his confidence in Isha, Akash, and Anant, who are poised to assume significant roles across various business segments within the company. He stated, “Akash and Isha have assumed leadership roles in Jio and Retail, respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our New Energy business with great zeal. In fact, he is spending most of his time in Jamnagar.”
Ambani highlighted that the next generation of Ambanis holds prominent positions within a team of young leaders and professionals who are already achieving remarkable feats at Reliance. The three siblings receive daily guidance and mentorship from senior leaders within the company, including Mukesh Ambani and the board of directors.
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Despite some concerns raised by domestic proxy advisory firm Institutional Investor Advisory Services (IiAS) and US-based Institutional Shareholder Services (ISS), the shareholders of Reliance have expressed strong support for the company’s succession plan. IiAS cited concerns related to Anant Ambani’s age, at 28, which did not align with their voting guidelines. ISS raised questions about his limited leadership and board experience, spanning only six years. However, the approval from the shareholders reinforces Reliance’s confidence in its succession plan.
