Glass Lewis recommends against reappointment of Bina Modi as MD of Godfrey Phillips
proxy advisory firm Glass Lewis has advised the shareholders of Godfrey Phillips to vote «against» the special resolution seeking the reappointment of Bina Modi as Managing Director at the Annual General Meeting on September 6. Glass Lewis has backed Samir Modi's presence on the board.
Godfrey Phillips India has scheduled its Annual General Meeting on September 6, 2024, in which it has put five ordinary resolutions and one special resolution for approval from its shareholders.
As Bina Modi's remuneration exceeds the limits of Rs 5 crore or 2.5 per cent of the net profits of the company, Godfrey Phillips requires a special resolution, which has to be passed from a super majority of 75 per cent of the total votes polled.
Opposing the special resolution, Glass Lewis observed there are «no defined performance conditions for the payment of commission» to Bina Modi and her «appointment is as combined chairman and managing director».
«Given our concerns, we do not believe shareholders should support the proposed appointment and remuneration of this executive at this time. We recommend that shareholders vote AGAINST this proposal,» said San Francisco, California-based proxy advisory firm.
Godfrey Phillips India, the flagship company of Modi Enterprises, is currently going through an intense board room and succession battle between Bina Modi and Samir Modi-led camps.
Samir Modi is the son of Bina Modi, who is heading the board of the company, which has decided not to renew or reappoint him as his term ends this year.
