Archive · 15 Aug 2025
Proxy Advisors Urge Rejection of Yes Bank's SMBC Rights
Imagine Yes Bank is like a big club, and SMBC wants to join.
They want special privileges, like picking who's in charge of important club committees.
Two groups that advise shareholders, IiAS and SES, are saying 'no' to this.
They think the current rules aren't fair and that SMBC shouldn't get to pick who's on the committees.
Voting is happening soon.
If the shareholders agree with the advisors, SMBC might not get these special rights.
However, some think it won't stop the deal completely.
Proxy advisory firms IiAS and SES recommend against Yes Bank's proposal to grant special rights to SMBC.
The proposal allows SMBC to appoint nominee directors on key board committees, including audit and nomination panels.
Voting on the proposal begins August 18 and concludes August 20, with results expected August 21.
IiAS opposes the provision, stating board committee composition should be decided independently.
SMBC agreed to purchase a 20% share in Yes Bank, and can appoint two non-independent directors.
- Who
- IiAS and SES are recommending against the proposal. SMBC and Yes Bank are involved.
- What
- Proxy advisory firms recommend against Yes Bank's proposal to grant special rights to SMBC.
- When
- Voting starts August 18, ends August 20, results expected August 21.
- Where
- Bengaluru
- Why
- IiAS believes board committee composition should be decided independently, not by special rights.
Proxy Advisory Firms' Concerns
Yes Bank and SMBC's Stance
Board Committee Control
Proxy Advisory Firms' Concerns
IiAS and SES are against SMBC's special rights
Yes Bank and SMBC's Stance
Yes Bank and SMBC are in favor of SMBC's special rights
- Companies Involved
- Yes Bank, SMBC, IiAS, SES
- Voting Dates
- August 18-20
- Shareholder Meeting
- August 21
- SMBC Share Purchase
- 20%
- IiAS Stance
- Recommends against the proposal
- SES Stance
- Recommends against the proposal
- SBI Ownership
- 24%