Feb 22, 2013 09:28 AM IST | Source: Moneycontrol.com

Oppose TVS board seat for Venu's son: IiAS to shareholders

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has urged shareholders of TVS Motor Company to oppose the resolution seeking to appoint and fix the remuneration of Sudarshan Venu as whole-time director. Sudarshan Venu is son of Venu Srinivasan, Chairman and Managing Director of TVS Motors.

Oppose TVS board seat for Venu's son: IiAS to shareholders

Moneycontrol Bureau

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has urged shareholders of TVS Motor Company to oppose the resolution seeking to appoint and fix the remuneration of Sudarshan Venu as whole-time director. Sudarshan Venu is son of Venu Srinivasan, Chairman and Managing Director of TVS Motors.

TVS Motors proposes to pay Rs 4.17 crore as annual remuneration, inclusive of perks, to Sudarshan Venu.

"IiAS believes that to be on the board of the company an individual should have reasonable experience and knowledge of the day-to-day operations of the company. The individual should also have demonstrated leadership quality. IiAS believes Sudarshan Venu, 24, does not have enough experience to qualify him for the post of whole-time director,” said the IiAS note.

IiAS has cited the examples of Bajaj Auto, where Rajiv Bajaj (Rahul Bajaj’s son) was given a board seat after 13 years of work experience in the company, and Wipro, where Rishad Premji (Azim Premji’s son) has not been given a board seat even after six years of working in the company.

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