Anand Mahindra addresses shareholders for the last time as executive chairman of the M&M group
Anand Mahindra spoke to shareholders of Mahindra and the Mahindra Group at its annual general meeting (AGM) on Friday for the last time as the company’s executive chairman. Mahindra would step down from his executive post in November and become the non-executive chairman of the Mahindra and Mahindra group.
Speaking to shareholders, Mahindra said, “As head of the board of your company, I will continue, along with our fellow board members, to closely monitor the financial performance of the company.”
“Governance will be an area of ââmajor interest, I will be deeply engaged in monitoring routine governance functions that ensure transparency and the appropriate flow of information,” he added.
Mahindra explained to shareholders that internal audit, which is an “important tool for good governance”, will report directly to him and it is the only operational function that will continue to be his responsibility when he becomes non-executive chairman.
âLightening the load on other operational matters will give me the opportunity to focus on what I consider the most important function of any board chairman, namely being the steward of the brand and to ensure that the vision and values ââof our founders continue to guide us and light our way, âsaid Mahindra.
In February, the company said in a regulatory filing that Anand Mahindra would continue to serve as the company’s executive chairman until November 11, 2021. The announcement came after market regulator Sebi postponed for two years , until April 2022, its directive for companies. to divide the posts of president and general manager. Sebi had done so in response to business demand and to keep compliance costs lower amid an economic downturn.
According to Sebi standards, the top 500 listed entities are required to comply with the requirement to separate the roles of Chairman and Chief Executive Officer (MD) or Chief Executive Officer (CEO) by April 1, 2022.
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