The recent shareholder vote on HDFC and Uday Kotak’s comments on regulating ‘proxy firms’ have brought focus on this nascent industry. This Institutional EYE looks at the contours of the business, why the Indian firms should be called voting advisory firms – and not proxy firms and highlights the implication of governance standards transcending geography, industry and ownership structures. Last month, in related but contrasting developments, foreign institutional investors jo

ICRA Limited yesterday filed its response with stock exchanges on voting recommendations made by proxy advisory services firms regarding the resolutions that ICRA Limited is presenting in its recent Annual General Meeting. In its voting recommendation report, IiAS had recommended that shareholders vote against the ESOP 2018 scheme. Under this scheme, the 39,993 options remaining out of the earlier expired scheme would be made available for grant. Under ESOS 2018 scheme, the