India Proxy Season 2015

The India Proxy Season 2015 came to an end on September 30, 2015. InGovern collated meeting details of 1,228 companies listed on NSE and BSE. These meetings included Annual General Meetings (AGMs), Extraordinary General Meetings (EGMs), Court Convened Meetings (CCMs) and Postal Ballots (PBs) and were held during the period of January 1, 2015 to September 30, 2015.

Listed below are some of the statistics of the Proxy Season 2015:

  • A total of 9,909 resolutions were proposed by these 1,228 companies
  • This included 8,620 resolutions through AGMs, 231 resolutions through EGMs, 49 resolutions through CCMs and 1,009 resolutions through PBs
  • 7,048 resolutions were classified as ordinary resolutions while 2,861 were special resolutions
  • 8,333 resolutions were proposed by the management while 1,576 resolutions were proposed by shareholders
  • Around 42% of the total resolutions proposed were of ordinary businesses
  • Ordinary business includes resolutions for adoption of accounts, dividends, re-appointment of directors retiring by rotation and appointment of statutory auditors
  • September was the busiest month with 4,774 resolutions being tabled at the meetings
  • August (2,202 resolutions), July (1,383 resolutions) were the second and third most busiest months respectively

The report also contains sections on:

  • Resolutions tabled by companies such as Siemens, JSW Holdings, Apollo Hospitals, Adani Ports, Yes Bank, United Spirits, etc., which faced investors’ scrutiny and were voted against by more than 20% of voting institutional shareholders
  • Increasing activism by institutional investors
  • Updates brought by SEBI, Ministry of Corporate Affairs and other bodies

The report, prepared by InGovern, can be downloaded from here: India Proxy Season 2015