Empower India Limited’s board of directors met on September 3, 2026, to approve key corporate governance matters ahead of its annual general meeting. The board sanctioned the re-appointment of director Mr. Satyawan Jankar and the appointment of M/s. Nagadheep Sathyanarayana & Co. as statutory auditor for a five-year term.

Board Approvals

The meeting, held at the company’s registered office in Mumbai, focused on regulatory compliance and shareholder approvals required for the financial year ended March 31, 2026. The board approved the notice and director’s report for the ensuing annual general meeting (AGM).

Director Re-Appointment

Mr. Satyawan Jankar (DIN: 10711274) is liable to retire by rotation. His re-appointment is subject to shareholder approval at the AGM. The filing notes that Mr. Jankar brings over seven years of experience in finance and management, with no inter-se relationship with other board members. He is not debarred from holding office by any SEBI order or other authority.

Statutory Auditor Appointment

The board appointed M/s. Nagadheep Sathyanarayana & Co., Chartered Accountants (FRN: 008003S), as the statutory auditor for five consecutive years, from FY27 through FY31. This appointment also requires shareholder ratification at the AGM. The firm provides statutory audits, taxation, and management consulting services.

AGM Logistics

The 44th Annual General Meeting for FY25-26 is scheduled for September 30, 2026, at 9:00 am in Mumbai. Remote e-voting will commence on September 27, 2026, at 9:00 am and conclude on September 29, 2026, at 5:00 pm. The cut-off date for e-voting eligibility is September 23, 2026. M/s. Hemang Satra & Associates has been appointed as the scrutinizer for the meeting.

Empower has completed its acquisition of Milliman’s retirement administration business, a move that significantly expands its workplace solutions capabilities. The transaction, first announced on June 30, 2026, brings in specialized defined benefit administration expertise alongside existing retirement and wealth management offerings.

The deal adds approximately 400 defined benefit plans representing $80 billion in assets under administration. It also includes more than 1,100 defined contribution plans with over $50 billion in client assets, as well as 100 health and welfare administration clients. In total, the acquired business serves roughly 1.64 million participants across these segments.

What the Numbers Show

The acquisition injects substantial scale into Empower’s balance sheet. The combined assets from defined benefit ($80 billion) and defined contribution ($50 billion) plans total $130 billion. This single transaction accounts for a significant portion of Empower’s post-deal footprint of more than $2.3 trillion in assets under administration. The influx of 800 employees further supports the operational integration of these complex plan structures.

With this completion, Empower’s total footprint grows to an estimated 22 million lives served and 96,000 workplace plans. The company retains Milliman’s actuarial consulting business separately, allowing Milliman to focus on core areas such as data analytics and financial risk management.

Edmund F. Murphy III, President and CEO of Empower, stated that the addition strengthens solutions for employers and advisors by integrating defined benefit and defined contribution retirement, healthcare, and wealth management into a single platform. Dermot Corry, CEO of Milliman, noted the transaction maximizes opportunity for administrative professionals while allowing Milliman to concentrate on its consulting strengths.

This acquisition continues Empower’s disciplined growth strategy, following previous deals including Personal Capital, MassMutual’s retirement business, Prudential’s full-service retirement business, and Plan Management Corp. Eversheds Sutherland served as legal counsel to Empower, while K&L Gates and Chesky Partners advised Milliman.