'Against' votes by institutional investors surged to 6.31% in 2022

Of the total votes cast by institutional investors, 93.68 per cent were in favour of the resolutions put forth by India Inc, while 6.31 per cent were ‘against’, shows IIAS’ annual compilation of ‘Voting Data for the Nifty 500 Companies’ for 2022. The against votes rose slightly from 4.51 per cent in 2021. The resolutions that saw the highest dissent were related to ESOPs followed by those around remuneration. “Although too early to comment, taking the three-year data, the change, albeit marginal, signifies a more nuanced view of governance issues and a departure from a superficial checkbox approach,” IIAS said in a note. Meanwhile, promoters voted 85.22 per cent of their shares, much lower than 92.67 per cent of the shares voted during 2021.  ‘Others’—non-promoters and non-institutional investors-- polled just 29.01 per cent of their shares, an improvement over 26.31 per cent in the previous year.