A tale of two Patricks: Wipro in a war of words with proxy advisor on rehiring independent directors

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From left: Patrick Dupuis and Patrick J Ennis, the two independent directors of Wipro. Image credit score: Twitter, courtesy of Wipro.

Synopsis

An ambiguous provision in the corporate legislation that requires shareholder approval for the reappointment of independent directors has led to divergent practices amongst listed corporations. Though the IT main has requested Stakeholder Empowerment Services to withdraw its voting advice to shareholders, the proxy advisor has chosen to face its floor.

Earlier this yr, a dialogue paper launched by the Securities and Exchange Board of India (Sebi) on independent directors created a flutter in the corporate-governance neighborhood.On March 01, 2021, in a session paper titled ‘Review of Regulatory Provisions Related to Independent Directors’, the market regulator proposed to make prior shareholder approval obligatory for the appointment and reappointment of all independent directors. While

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