ZEE ENTERTAINMENT EN

ZEEL
Delayed Quote. Delayed  - 01/21 07:09:13 am
289.35INR -6.19%

Invesco Disappoints with Board and Governance Standard of Zee Entertainment

10/11/2021 | 06:10am
On October 11, 2021, Invesco Ltd announced that a month after it sought an extraordinary general meeting (EGM) to replace Punit Goenka, as the CEO and MD of Zee Entertainment Enterprises Limited, has broken its silence by reaching out to all the shareholders of the Company with an open letter, highlighting the need to strengthen the independence of the board in light of the governance and leadership failures as well as the prolonged underperformance of the media giant. Invesco reiterate the urgent need for independent perspectives on the Company’s Board given the Company’s governance failures and prolonged underperformance; reaffirm its resolve to pursue an extraordinary general meeting of shareholders (EGM) to hold the Board and management accountable; and express its concerns over some of the terms of Sony’s proposed alignment with Zee, which unfairly favor the founding family at the expense of other shareholders. Invesco disappointed that the leadership of the Company has resorted to a reckless public relations campaign. These actions and rhetoric are aimed at avoiding true accountability for the governance lapses and shareholder value destruction that the current leadership and Board have presided over.
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