A spotlight on India

Overview

India’s corporate governance ecosystem continued to mature in 2025, driven by SEBI’s evolving disclosure mandates, rising shareholder activism, and the growing mainstream presence of ESG oversight. Large corporates placed greater emphasis on transparency, board diversity, and digital participation, while investors demanded sharper accountability on executive remuneration and sustainability performance.

Participation Trends AGM:

Virtual AGMs dominated the season, with the vast majority conducted through VC/OAVM platforms and e voting firmly established as standard practice.

Shareholder questions continued to increase, with a strong focus on AI adoption strategies, progress on environmental, social and governance (ESG) metrics, and related party transactions, reflecting deeper and more informed shareholder engagement.

Key Takeaways for 2025–2026 AGM Season

Voting trends showed 94% support for director elections and 86% approval for remuneration resolutions. Board diversity improved, with women representing 22% of directors across NIFTY 500 companies. On ESG reporting, 78% of NIFTY 100 companies are now voluntarily reporting in addition to complying with mandatory BRSR requirements.

Election Mechanics

Robust e-voting frameworks remained in place, with extended remote voting windows supporting strong shareholder participation.

Shareholder Activism

Shareholder engagement continued to rise, with activism emerging as a notable component of this shift. Institutional investors increasingly pressed companies for enhanced disclosure and engagement on AI governance, climate risk, and equitable pay structures.

Research reviews of the year highlighted the impact of activism, noting stronger influence on board accountability and capital allocation decisions.