Companies face hurdles as shareholder activism rises

At Hindalco Industries, it was reported that 18.63 per cent of institutional shareholder votes went against the reappointment of chairman Kumar Mangalam Birla as director, with questions raised over his commissions and variable pay. “There is now increased appreciation and awareness that proposals placed by companies need to be acted on by investors,” says Shriram Subramanian, MD, InGovern.