Glass Lewis recommends vote against Adani director over Australian project

Proxy advisory firm Glass Lewis has recommended shareholders in Adani Enterprises Ltd vote out a member of the board’s risk committee.

Glass Lewis said it was making the recommendation after an Australian court in August found that Adani Abbot Point Terminal Pty Ltd, a coal export terminal in the state of Queensland, engaged in monopolistic business practices. It awarded four companies that used the terminal a combined A$107 million ($80.7 million).

An Adani spokesperson said, however, that the Abbot Point Terminal was a separate company, and was not part of Adani Enterprises. The port operator is owned by Adani Ports and Special Economic Zone Ltd (APSE.NS).

The nominee, Pranav Adani, is the sole member of the Adani Enterprises’ risk committee up for re-election at its annual general meeting on July 12.

Adani Enterprises’ Australian unit, Bravus Mining & Resources, is developing the Carmichael mine in Queensland to sell thermal coal to India – a controversial project due to concerns about global warming. The coal will be transported via the Abbot Point Terminal.