Apollo Tyres to seek shareholders' guidance on MD Kanwar's compensation

 

board of directors at Apollo Tyres will seek shareholders’ guidance along with an independent counsel on the compensation level for the company’s vice chairman and managing director Neeraj Kanwar. Kanwar’ s re-appointment as the managing director was rejected by minority shareholders owing to his salary, which increased in spite of a fall in the company’s profitability. This is a rare case in corporate India where a promoter’s re-appointment has been rejected by minority shareholders.

Kanwar has received a reiteration of support from the company’s board of directors in a meeting held on Monday. “The Board of Directors, in its meeting held on October 1, 2018, reiterated its unanimous approval on Neeraj Kanwar’s leadership. Kanwar has spearheaded Apollo Tyres' growth in India, taken the brand onto the world stage, and grown its market capitalisation approximately 700 per cent since his appointment as the company's managing director,” said a spokesperson at Apollo Tyres.