In an article named “Shareholders get help to make their votes count” in Times of India on 17th October, InGovern comments featured as follows:
Another shareholder advisory firm, InGovern Research, has questioned corporate governance issues of over 20-odd companies, including Colgate Palmolive, Infosys, IDBI, DLF and ITC. InGovern has also raised concerns on the increase in the remuneration of Sun Pharma chairman Dilip Shanghvi’s son, Aalok.
“We note that this is a very substantial increase (400%) in the upper limit of the remuneration, and that too without any change in his designation, roles or responsibilities,” an InGovern Research note states.
In response, a Sun Pharma official said the advisory firm had not contacted them, and, perhaps failed to understand the context prior to issuing such statements.
Says Shriram Subramanian, founder and managing director, InGovern, “We have advised shareholders to vote against several issues (like) related party transactions, adoption of accounts, auditor’s remuneration, or a change in auditors.”
Advisory firms also point out that the tenure of auditors and non-executive directors also needs to be monitored for proper corporate governance.
The detailed article can be found at the Times of India Link : http://timesofindia.indiatimes.com/business/india-business/Shareholders-get-help-to-make-their-votes-count/articleshow/10381210.cms