Proxy firms advise against reappointing TVS boss

TVS Group supremo Venu Srinivasan's continuation in dual non-executive plus executive roles at flagship two-wheeler maker TVS Motor Co. Ltd has rolled into uncertain territory, with three leading proxy advisory firms recommending that shareholders vote against the resolution for his reappointment.

- Nehal Chaliawala

Two of the firms—Institutional Investor Advisory Services (IiAS) and InGovern—have also flagged the duplication of the managing director's (MD) position in the company, with both Srinivasan and his son Sudarshan Venu holding that title. Venu was appointed MD in February 2022.

The same month, Srinivasan, who was earlier the chairman and managing director of TVS Motor, was redesignated as chairman emeritus—an honorary, non-executive role—even as he continued in the executive role of managing director. Former Jaguar Land Rover chief executive officer (CEO) Ralf Speth was appointed non-executive chairman.

The window for shareholders to vote on the resolution to reappoint Srinivasan opened on 20 February and closes on 21 March.