Proxy firms differ on Kochhar's re-appointment at ICICI Securities

Kochhar, MD & CEO of ICICI Bank, is currently under scrutiny for her role in extending loans to the Videocon group, a conflicted party

India’s leading proxy firms have opposing views on the possible re-appointment of Chanda Kochhar as the director on the board of ICICI Securities, the broking arm of ICICI Bank.

In a notice for its annual general meeting (AGM) on August 30, ICICI Securities, which listed this fiscal, has proposed a resolution to reappoint Kochhar as a director on its board.

Institutional Investor Advisory Services (IiAS) had recommended investors to vote ‘against’ the proposal even as Stakeholders Empowerment Services (SES) asked investors to vote ‘for’ it.

“Kochhar’s presence on the board of ICICI Securities, while legally compliant, exposes the company to