Latest news with #AGMs
Time of India
4 days ago
- Business
- Time of India
Air India crisis: Chandra skips Tata Consumer AGM
Representative Image MUMBAI: Tata Consumer Products chairman N Chandrasekaran skipped the company's annual shareholder meeting on Wednesday due to exigencies. Non-executive director P B Balaji presided over the meeting in his stead. Regulations permit another director to lead the meeting when the board chairman is unavailable. Chandrasekaran's absence was due to his focus on Air India matters following the crash of London-bound flight 171 in Ahmedabad last week, which resulted in over 270 fatalities. At the meeting, company secretary Delnaz Dara Harda said, "The chairman of the board, N Chandrasekaran, will not be able to attend the AGM due to some exigencies." Tata Consumer initiated the annual general meeting sequence among major Tata Group companies, with TCS scheduled for Thursday and Tata Motors for Friday. It remains to be seen whether Chandrasekaran, who is also the chairman of both these companies, will chair the AGMs. According to a lawyer, if the chairman is not present within 15 minutes after the time appointed for holding the meeting, or if he is unwilling to act as chairman of the meeting, the directors present can elect a chairman among themselves. Chandrasekaran has been in Gurugram-Delhi, engaging with Air India personnel, holding discussions with civil aviation minister Ram Mohan Naidu and aviation secretary Samir Kumar Sinha; and addressing various airline-related matters. His office also sought time with DGCA chief Faiz Ahmed Kidwai. During the AGM, Balaji, who is also the CFO of Tata Motors, acknowledged the challenging period for the Tata group. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
5 days ago
- Business
- Mint
Activist Investors Flood Japanese Firms With Record Proposals
Activist investors are inundating Japanese companies with an unprecedented number of proposals that will keep executives on their toes at annual general meetings. Firms have received a record 137 requests from activists, according to data compiled by Mitsubishi UFJ Trust & Banking Corp. The shareholders are delving deeper into management decisions and demanding changes to board structures and privatizations. The country's jammed AGM season matters more than ever this year as investors seek signs that Japanese stocks - which have underperformed most major markets this year - can get out of a rut. The proposals are putting added pressure on management to deliver tangible growth strategies, rather than simply turning to the quick fix of more buybacks or dividends. 'With new activist holdings being revealed each day, companies are paying extra attention to governance and capital efficiency,' said Rieko Otsuka, a strategist at MCP Asset Management Japan Inc. 'There's a sense of impending crisis among management about when they might be targeted,' she said. The season peaks next week with more than 40% of listed companies - that's over 1,700 firms - set to hold AGMs. They will be at venues including the luxury Palace Hotel near the Emperor's residence, and the Ariake Arena which was built as a venue for the Tokyo 2020 Olympics. Some executives are readying for drawn-out meetings as overall proposals from activists and other shareholders have increased to almost 400, according to Mitsubishi UFJ Trust. That's well over double the number a decade ago. In contrast in the US, total proposals this year fell 14% through May 13 compared with the January-June period last year, as investor demand declined for environmental and social issue-related changes, according to a report from ISS-Corporate based on Russell 3000 index companies. Read: Activist Investors Set Record With $6.6 Billion Spree in Japan Activist investors typically acquire a significant stake and then exert pressure on a firm to influence how it's run, suggesting the increasing presence of these shareholders in Japan may be key to driving pro-growth strategies. Here's a look at some AGM proposals: The scrutiny in Japan is important right now because it may help carve out a path for corporate growth amid a worsening business climate as tariffs upended key sectors of the economy. Gains in Japanese stocks have been limited this year, raising the risk that the Topix Index's two-year rally is over. Read: Dalton Allies With Murakami-Linked Fund to Shake Up Fuji Media 'We get to vote once a year, so it's important and I think probably more than other cultures, voting against the president or the chairman sends a pretty clear message,' said Carl Vine, co-head of Asia-Pacific equities at M&G Investments, whose holdings include Toyota Motor Co. and Seven & i Holdings Co. Even so, proposals aimed to improving shareholder returns still make up a large chunk of activists' requests, and that may provide a short-term boost to the market as deep-pocketed companies pour more cash into buybacks. Read: Japan Calls On Companies to Find Value Beyond Share Buybacks In addition, activist proposals rarely get passed because of opposition from domestic investors, who tend to be quite conservative. Still, the increase in proposals comes at an unfortunate time for executives who can no longer rely as much as on cross-shareholders. The waning influence of this cohort, also known as stable or policy shareholders, may increase the clout of institutional investors at proxy fights. This puts the focus more on companies with low approval ratings and 'opens up the possibility that maybe a new shareholder would come in and try and put additional pressure on management,' said Bruce Kirk, chief Japan equity strategist at Goldman Sachs Japan Co. All this means that AGMs are now a far cry from how they were conducted before Japan's corporate reforms kicked in and the market caught the attention of overseas investors. 'There was a time when decisions were made at AGMs in a planned, harmonious, and ritualistic manner, just for the sake of it,' said Hidenori Yoshikawa, chief consultant at Daiwa Institute of Research, a Tokyo-based think tank. 'Now, until the meeting ends, we don't know how it will turn out.' This article was generated from an automated news agency feed without modifications to text.
Indian Express
11-06-2025
- Indian Express
Need to extend surveillance envelope, says deputy air chief
Operation Sindoor has thrown up the lesson that modern warfare has fundamentally altered the relationship between distance and vulnerability, thanks to technology, a top military officer said Wednesday, while also highlighting critical importance of deep surveillance in contemporary warfare. Chief of Integrated Defence Staff, Air Marshal Ashutosh Dixit said the existing principles of war are being challenged and new ones are emerging. 'Earlier, the horizon marked the limit of immediate threat. Today, precision-guided munitions like SCALP, BrahMos and HAMMER have rendered geographical barriers almost meaningless, as strikes with BVR AAMs (beyond visual range air to air missiles) and supersonic AGMs have become commonplace,' he said at a seminar hosted by think-tank CAPS (Centre for Air Power Studies) and Indian Military Reviews (IMR). He said when weapons can strike targets hundreds of kilometres away with pinpoint accuracy, the traditional concepts of front, rear and flanks, combat zones and depth areas all become irrelevant. 'What we call the front and the theatre, merge into one. This new reality demands that we extend our surveillance envelope far beyond what previous generations could have even imagined,' he said, adding that we must detect, identify and track potential threats not when they approach our borders, but when they are still in their staging areas, airfields and bases, deep within adversary territory. 'This existed as a concept even earlier but today we have the means to realise it,' he said. 'When hypersonic missiles can traverse hundreds of kilometres in minutes and drone swarms can reach their targets before traditional decision-making processes can respond, real-time or near-real-time surveillance becomes… essential for survival.'
Time of India
02-06-2025
- Business
- Time of India
Luis Gallego IATA Chair: Luis Gallego Named IATA Chair as LATAM Airlines Group to Host AGM in Rio 2026, ET TravelWorld
Advt Advt By , ETTravelWorld Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTravelWorld App Get Realtime updates Save your favourite articles Scan to download App Following a landmark gathering in New Delhi for its 81st Annual General Meeting (AGM), the International Air Transport Association (IATA) has confirmed a dual leadership and geographical shift: Luis Gallego, CEO of International Airlines Group (IAG), has been named Chair of the IATA Board, while LATAM Airlines Group will host the 82nd AGM in Rio de Janeiro, Brazil, in June baton was passed to Gallego at the conclusion of the AGM in New Delhi on 2 June 2025. Gallego, who becomes the 83rd Chair of the IATA Board, brings nearly three decades of experience across Europe's aviation sector. His leadership tenure at Iberia, Iberia Express, Vueling, and Clickair helped steer these carriers toward greater efficiency and service excellence. Gallego's current position at the helm of IAG since 2020 has positioned him at the forefront of European aviation strategy.'I am honoured to be taking up the position of Chair of the IATA Board,' said Gallego. 'Our industry faces complex challenges—from environmental sustainability to global infrastructure—but it also has extraordinary potential driven by its people. I look forward to steering IATA's efforts in creating a strong, innovative and resilient global airline industry.'IATA Director General Willie Walsh welcomed Gallego's appointment, stating, 'Luis has a long and deep involvement with the complex issues which are top priorities for our Association—facilitating net zero carbon emissions by 2050, achieving a smart approach to regulation and ensuring the right capacity and cost structure.'Looking ahead, LATAM Airlines Group will host the next AGM in Rio, marking the association's return to South America for the first time since 1999. 'We are excited to accept LATAM's offer to host IATA's 82nd AGM,' Walsh added. 'Meeting in the largest aviation market in South America highlights the region's rising strategic role in global connectivity.'For LATAM, the event presents an opportunity to showcase both the growth of its own operations and the evolving aviation landscape in Brazil. 'LATAM is proud to host the IATA AGM in Brazil in 2026, the main market for our airline group connecting South America to the world,' said Roberto Alvo, CEO of LATAM Airlines Group. 'Rio de Janeiro, one of the most spectacular cities globally, will ensure a memorable experience for attendees.'With a network spanning 153 destinations in 27 countries and a record 82 million passengers transported in 2024, LATAM has also made significant strides in sustainability and fleet modernisation. The airline's legacy is rooted in a continent whose aviation history traces back to pioneers like Alberto Santos-Dumont. Brazil has previously hosted IATA AGMs in 1947 and 1999, both of which highlighted the country's centrality in Latin American Gallego taking on IATA's top board role and LATAM preparing to welcome aviation leaders to Rio, the next chapter for the airline industry promises a sharper focus on sustainability, regional inclusion, and collaborative leadership.
Time of India
02-06-2025
- Business
- Time of India
After 1958 and 1983, IATA returns to India for third AGM as aviation industry takes flight again
IATA's 81st AGM in Delhi marks India's third time hosting, following events in 1958 and 1983. The 1958 AGM addressed technological challenges of the jet age, while the 1983 meeting focused on fare wars and security threats. NEW DELHI: "The freedom with which we can move this large assembly from Madrid one year to New Delhi the next and then on to Tokyo and the speed with which we can call delegates in from all corners of the world within a few days dramatises the services which we (airlines) offer to the general public. " That was Indian aviation pioneer, J R D Tata addressing the media in 1958 and the ``large assembly'' he referred to comprised the 250 delegates attending the International Air Transport Association (IATA) annual general meeting (AGM). Back then IATA had only 86 members, its delegates flew in from around the world, some likely taking days to reach India to attend the five-day AGM held in October. On Sunday, IATA's 81 st AGM began in Delhi and the ``large assembly'' now comprises about 1700 delegates, including officials from the 350 member airlines. This is the third time that India is hosting the IATA annual general meeting (AGM), the first in 1958 and then in 1983, both the events inaugurated by the then prime ministers, Jawaharlal Nehru and Indira Gandhi . Prime Minister Narendra Modi is expected to deliver a keynote address on Monday evening. What were the topics that made headlines in the two earlier events held in India? TOI digs into its archives to look back at the IATA AGMs and the global airline industry in 1958 and 1983. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Férias chegando? Azul Compre já Undo A look at the past IATA AGMs gives a glimpse of the global airline industry's journey over the decades. The overwhelming theme of the 1958 AGM event was the technological challenges as airlines stood on the cusp of the jet age. A year earlier, in December, Boeing 707, the jet pioneer, had made its first flight. At the IATA AGM the airlines decided to continue to ''pool their expert knowledge and experience" for safe jet operations. Two year later, Tata's Air India took the delioof its first Boeing 707 and became the first airline in Asia to induct a jet in its fleet. Today, Indian carriers have a combined fleet of over 860 aircraft, majority of them jets. Another resolution passed in the 1958 AGM was about airspace control. Airline members decided that they would approach their respective governments to formulate a system under which both military and civil aviation aircraft navigate under the guidance of a single air traffic control authority in the respective air traffic control areas. In the 1980s, the major concern for IATA member airlines was ``undercutting of fares' and the recession in the US which dampened demand for air travel. New reports from the Times of India archives state that in 1982, IATA member airlines had lost an estimated $ 1.2 billion due to undercutting. In 1978, the US Congress passed the Airline Deregulation Act which allowed airlines to set their own fares and decide their routes. It increased competition as new players entered the market and in the 1980s the fare wars intensified as airlines undercut each other's fares to fill the seats. US was the world's biggest airline market and the accumulated losses of IATA member airlines from 1979 to 1982 stood at $ 6 billion, according to a TOI report published in October 1983. But in other parts of the world, the main cause of concern was airline security, the terror threats, bombings and hijackings that had hit the airline industry back then. In her inaugural address, the then prime minister Indira Gandhi spoke of the need to make air travel safe for passengers. She asked for stern measures against "the heinous crime of hijacking". It was a tough year for airlines. In March, a Balkan Bulgarian Airlines flight was hijacked, but the controversy that hijacked the October annual general meeting of IATA involved the bombing of a Korean Air Lines flight on September 1. The crew of a Korean Boeing 747 from New York to Seoul made a navigation error, went off the planned route into the Soviet airspace where it was intercepted and shot down by the pilot of a Soviet Sukhoi aircraft, killing all the 269 on board. About a year after her speech against terrorism, Indira Gandhi was assassinated by her Sikh bodyguards in June 1985, 329 passengers and crew died in the bombing of Air India flight 182 by Canadian Sikh militants. India's anti-apartheid stance also made news in the 1983 IATA AGM. Back in 1946, India had imposed a complete embargo on South Africa and so the presence of delegates from IATA member airlines, South African Airways and Israeli carrier El Al at the IATA event held in India had made news. Israel was targeted for continuing its relationship with South Africa. Back then in 1983, IATA had 124 member airlines. Knut Hammarskjöld was IATA's director general back then. The Swedish diplomat launched the first billing and settlement system in Tokyo in 1972, which later evolved into the successful BSP (Billing and Settlement Plan) and CASS (Cargo Accounts Settlement System), facilitating financial transactions between passenger as well as cargo agents and the airlines. Today, Indian carriers have over 1300 aircraft on order, its aviation industry directly employs 369,700 people and generates $5.6 billion of GDP. When indirect, induced, and tourism impacts are included, the totals rise to 7.7 million jobs and $53.6 billion of GDP (1.5%). Willie Walsh, IATA's Director General said: 'India's place in global aviation has changed dramatically, particularly over the last decade. The country saw record aircraft orders, impressive growth, and world-class infrastructure developments. The AGM will allow aviation leaders and journalists from around the world to witness first-hand how India's rapidly modernising and expanding aviation sector is contributing to the country's overall economic and social development'. Pieter Elbers, CEO of IndiGo and Chair of the IATA Board of Governors said: 'Aviation is a powerful force for good worldwide, and that is particularly evident in India. India's aviation market is rapidly thriving while significantly contributing to the country's socio-economic growth, and IndiGo is at the forefront of this upward trajectory. This is India's time!' The World Air Transport Summit (WATS), which follows immediately after the AGM, will address key issues facing the aviation industry. 'The AGM is always a moment for the industry to reflect and regroup in the face of enormous economic, geopolitical, and technological forces ahead,' said Walsh. 'I'm confident this gathering will deliver value to our stakeholders and strengthen our commitment to progress and collaboration. ' Key topics to be addressed in the WATS include the financial outlook for the airline industry, how India is strategically using aviation to drive development, the relationship between energy security, renewable energy, and Sustainable Aviation Fuel production, financing aviation net zero, and the cost of payment and potential innovations.
