What's all this fuss about global proxy advisory firms in India?

In India, a debate started last week when Deepak Parekh, who built the HDFC Group, barely managed to get a majority vote in a resolution seeking his continuation as director in the HDFC Ltd.

By Anand Adhikari  
Thursday, August 9, 2018

There is suddenly a clamour for regulating the international proxy advisers firms in India, which advise investors, especially foreign institutional investors, to vote for or against a particular resolution of a corporate. Since Indian corporates have large foreign institutional holdings, there is a fear that global proxy advisory firms would play a big role in tilting the votes. In India, a debate started last week when Deepak Parekh, who built the HDFC Group, barely managed to get a majority vote in a resolution seeking his continuation as director in the HDFC Ltd. Globally, these firms have wider acceptability. Then, why is there this fuss in India about these firms?

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