Khadim’s Institutional Shareholders Vote Against Stock Options For CEO
All institutional votes cast against ESOP proposal. But it doesn’t impact the outcome.
BloombergQuint is tracking institutional investor votes this proxy season—especially the proposals they vote against.
Institutional shareholders Khadim India Ltd. voted against proposals on the company’s employee stock option plan and granting ESOPs to the footwear maker's chief executive officer. That, however, couldn't prevent them from being approved.
All the institutional votes cast were against the two proposals through a postal ballot on May 7, data compiled by the Institutional Investors Advisory Services showed. About 87% of the institutional shares were voted on.
Still, the two proposals passed with 82% of the total votes being cast in favour of them. While all the institutional votes were against the plan, that didn’t impact the overall outcome as institutions own a 15.3% stake in the company.
The first of the proposals was to approve granting 9.45 lakh shares under the Employee Stock Option Plan for 2021. Additionally, the board also proposed granting stock options to Chief Executive Officer Namrata Ashok Chotrani which would be equal to or exceed 1% of the issued capital at the time of the grant.
Khadim is a four-decade-old footwear manufacturer with almost 800 retail outlets across India. The company had listed its shares on the bourses in November 2017.
The stock is up 30.15% in 2021. It closed 4.23% higher on the National Stock Exchange on May 18.