Birthday competition

The proxy advisory business, which helps institutional investors make voting decisions, is still an emerging segment, with a handful of active players. However, competition between them is as fierce as anywhere else. Last week, the founder of one of these firms wrote to his clients, journalists and well-wishers announcing the completion of its third year in business. Just a day later, the chief executive of another firm in the same business sent a similar mail, but of completion of five years and inviting people to join them in celebrations. Let us hope this competition results in improved corporate governance standards in the Indian corporate sector. Like one of these mails said, "This would not only reduce risk for investors, it will improve returns as well."