Pirc hits out at Essar chairman

Marion Dakers
SHAREHOLDER advisory body Pirc has advised investors in Essar Energy to vote down the firm’s chairman Prashant Ruia.

Pirc has concerns that Ruia, whose family has a large indirect interest in the London-listed firm, is not sufficiently independent to be an effective chairman. Essar appointed Prashant after his uncle Ravi stepped down from the role last year to fight allegations linked to the telecoms arm of the Essar Group in India.

The body also recommends a vote against the reappointment of auditor Deloitte at the annual meeting on 4 September, due to potential conflicts of interest.