Investor body slams Vedanta

Marion Dakers
INVESTOR advisory group Pirc yesterday criticised miner Vedanta for its political donations in India.

Pirc said shareholders should not support the FTSE 100-listed firm’s annual report, its accounts or the reappointment of executive chairman Anil Agarwal at the annual meeting on 28 August.

The group said Vedanta made political donations of $2.01m in the last year, ahead of the Indian general election, compared to just $20,000 in the previous year. Pirc said this was “a questionable use of shareholders’ money”.

It also recommends opposing Deloitte’s role as auditor. Vedanta declined to comment yesterday.