Will LIC IPO move the needle on insurer's stewardship role in equities?

The PSU holds equity stake worth over Rs 9.5 trillion in listed firms; how it votes on resolutions will now be more actively tracked

Will the initial public offering (IPO) and a subsequent listing on the bourses provide an impetus to the stewardship role played by Life Insurance Corporation of India (LIC), the country’s largest domestic institutional investor in equities?

A stewardship code requires institutional investors to be transparent about their investment processes, engage with investee companies and vote at shareholders' meetings. Such a code for insurance companies was issued by the Insurance Regulatory and Development Authority of India (Irdai) in 2017.

LIC’s code, approved by its board on March 2020, says that it will discharge its stewardship responsibilities through voting on shareholder resolutions,