Proxy Firm Glass Lewis Opposes Bina Modi's Reappointment at Godfrey Phillips

US-based proxy advisory firm Glass Lewis has urged shareholders of Godfrey Phillips to vote against Bina Modi's reappointment as Managing Director. The firm supports Samir Modi's board presence. The Annual General Meeting on September 6, 2024, will decide on five ordinary resolutions and one special resolution, including Modi's reappointment.

In a significant development, US-based proxy advisory firm Glass Lewis has advised shareholders of Godfrey Phillips to vote against the special resolution for the reappointment of Bina Modi as Managing Director at the Annual General Meeting scheduled for September 6.

Glass Lewis has thrown its weight behind Samir Modi, who is embroiled in a boardroom and succession battle with Bina Modi. The advisory firm highlighted issues with Bina Modi's remuneration and undefined performance conditions for her commission.

Godfrey Phillips India will put five ordinary resolutions and one special resolution for shareholder approval during the meeting. The company is currently facing internal strife, with Samir Modi alleging misconduct against his mother, Bina Modi. The outcome of the AGM could significantly impact the future direction of the company.

(With inputs from agencies.)