Shareholders of empower have overwhelmingly approved the appointment of Rajesh Chavan as Managing Director and M/s. Nagadheep Sathyanarayana and Co. as Statutory Auditors through a postal ballot process. The voting concluded on July 24, 2026, with both ordinary resolutions passing with support exceeding 99.98% of valid votes cast. The near-unanimous approval underscores strong shareholder confidence in the company’s leadership transition and audit oversight structure.

The postal ballot was conducted in compliance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 110 of the Companies Act, 2013. The record date for eligibility to vote was June 12, 2026, when there were 310,450 shareholders on record. The remote e-voting period commenced on June 25, 2026, at 9:00 a.m. IST and ended on July 24, 2026, at 5:00 p.m. IST. National Securities Depository Limited (NSDL) provided the e-voting facility, while M/s. Hemang Satra & Associates served as the independent scrutinizer.

The first resolution sought approval for the appointment of Mr. Rajesh Chavan (DIN: 07011994) as Managing Director of the Company. The resolution received 122,134,107 votes in favor and 22,597 votes against, representing a 99.98% approval rate among valid votes polled. A total of 122,156,704 votes were polled out of 1,163,798,560 shares held by eligible shareholders, indicating a participation rate of approximately 10.5%. No promoter or institutional investors participated in the voting for this resolution; all votes originated from public non-institutional shareholders via e-voting.

The second resolution concerned the appointment of M/s. Nagadheep Sathyanarayana and Co., Chartered Accountants (FRN: 008003S/ PRN: 018163), as Statutory Auditors of the Company. This resolution also passed with overwhelming support, securing 122,139,557 votes in favor against 23,147 votes against, resulting in a 99.98% approval rate. Similar to the first resolution, all voting activity came from public non-institutional shareholders, with no participation from promoters or institutions.

The scrutinizer’s report, issued by Hemang Satra, Proprietor of M/s. Hemang Satra & Associates, confirmed that the voting process adhered to all applicable provisions of the Companies Act, 2013, and relevant Ministry of Corporate Affairs circulars. No invalid votes were recorded, and no physical ballot forms were received during the voting period. The results were made available on the company’s website and the NSDL e-voting portal.

What the Numbers Show

The voting pattern reveals a distinct concentration of shareholder engagement among public non-institutional investors. While promoters held 174,781,787 shares and public institutions held 300,000 shares, neither group cast any votes. This suggests that active retail or small-cap investors drove the decision-making process for these critical governance appointments. The high approval rates (>99.9%) indicate minimal dissent within the participating shareholder base, facilitating smooth execution of the board’s strategic intent regarding management and audit continuity.

Empower and Milliman, Inc. have entered into a definitive agreement for Empower to acquire Milliman’s retirement administration business for $340 million. The transaction strengthens Empower’s defined benefit administration capabilities and advances its strategy of delivering integrated workplace benefits solutions. The acquisition is subject to customary regulatory approvals and closing conditions, with an expected closing in the second half of 2026.

The deal includes the transfer of more than 800 employees to Empower. At closing, Empower expects to acquire approximately 400 defined benefit plans representing approximately 790,000 plan participants and approximately $80 billion in assets under administration. Additionally, Empower will acquire more than 1,100 defined contribution plans representing approximately 750,000 participants and more than $50 billion in client assets. The transaction also includes 100 health and welfare administration clients with approximately 100,000 plan participants.

Strategic Expansion

The acquisition expands Empower’s footprint in the defined benefit marketplace and bolsters its defined contribution and health and welfare benefits administration capabilities. By integrating these specialized administrative expertise and capabilities, Empower aims to create a more comprehensive suite of workplace financial solutions for employers, plan sponsors, advisors, and individual investors.

Future Partnership

Following the close of the transaction, Milliman and Empower expect to establish a strategic relationship for actuarial services and defined benefit plan administration. Under this arrangement, the firms would become preferred service providers in select actuarial services and defined benefit administrative opportunities generated by each firm’s respective business activities. Milliman will retain its retirement and healthcare actuarial consulting business.

Transaction Details

Empower administers over $2.0 trillion in assets for more than 20 million individuals. Eversheds Sutherland is serving as legal counsel to Empower, while K&L Gates is serving as legal counsel and Chesky Partners is serving as exclusive financial advisor to Milliman.