Proxy firms oppose Anant Ambani's post

Institutional Shareholder Services Inc. (ISS), an international proxy advisory firm, has recommended that shareholders vote against the proposal to appoint billionaire Mukesh Ambani's youngest son, Anant Ambani, on the board of the family-controlled Reliance Industries Ltd, underscoring concerns around succession planning at India's largest company by market value.

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"A vote against this resolution is warranted as Anant Ambani's limited leadership/ board experience of around six years, raises concerns on his potential contribution to the board," ISS said in an 12 October note, which it shared with Bloomberg. It has backed the board appointments of his twin-elder siblings, Isha and Akash Ambani-both 31-in the shareholder vote that will close on 26 October. Anant is 28 years old.

ISS's objections echo the recommendations from Institutional Investor Advisory Services, or IIAS, which said in a 9 October report, that "at 28 years of age", appointment of the young Ambani scion "does not align with our voting guidelines". IIAS has supported the proposals seeking to elect Isha and Akash.