IndiGo promoters skipped most board meetings, says IiAS report

IndiGo’s promoters attended less than 40 per cent of the board meetings in FY16 and FY17, according to proxy advisory firm Institutional Investor Advisory Firm (IiAS).

“The lack of promoter attendance at board meetings and a relatively small board composition can be interpreted in two ways — that the company was professionally managed and did not need the promoters’ intervention, or that the promoters controlled the business and its operations, and that the board had a limited role. Given the discourse from both sides, it seems more the latter than the former,” IiAs said in its report.