US proxy firm asks ICICI Securities shareholders to vote against Kochhar

The annual general meeting of shareholders is scheduled for August 30

US-based proxy firm Glass Lewis has recommended to the shareholders of ICICI Securities to vote against the proposal to elect ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar as a director of the company, citing the legal and regulatory issues facing her.

“We note that there are significant legal and regulatory issues involving the ICICI Securities non-executive chair nominee Chanda Kochhar. We believe shareholders should be very concerned about the matters facing Kochhar, which includes her being forced to take a leave of absence from the ICICI Bank board, pending the outcome of the investigation into her conduct,”