From the next financial year onwards, insurance companies are likely to disclose information about shareholder meetings they attended and the voting decisions they took along with the reasons for doing so. Sector analysts said that insurers traditionally have not engaged too much in shareholder activism. Their activities are mostly restricted to attending board meetings. “Even when voting decisions are put forward, large insurers take a neutral stand and abstain from voting or voting for the management. These activities will now have to be declared publicly along with reasons for them,” said a senior official with a proxy advisory firm. Boardroom discussions have generally been a closed-door affair and there have also been allegations that some insurers declined to vote. The insurers' argument being that what transpires within the four walls of a room should remain within it.
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