Institutional investors pushing back more on top executive pay hikes

Rejection of resolutions on remunerations rises; investors becoming more discerning, say experts

Investors are pushing back more often against companies’ resolutions on what is paid out to top executives.

In the first four months of financial year 2022-23 (FY23), there have already been five such rejections, according to shareholder voting data from tracker Adrian, a platform maintained by the proxy advisory firm Institutional Investor Advisory Services India (IiAS).

Two of these have been at multiplex chain PVR and direct-to-home company Dish TV India. The Chennai-based Equitas Small Finance Bank also saw a rejected resolution which the company later clarified was on account of an error during the voting process. One