UTI AMC has announced a significant board change with the resignation of a long-serving director. The asset management company informed stock exchanges about the departure of Mr. Flemming Madsen from his position as Non-Executive Nominee Director, marking the end of a nearly 16-year tenure with the organization.

Director Resignation Details

The company disclosed that Mr. Flemming Madsen (DIN: 02904543) tendered his resignation as Non-Executive Nominee Director with effect from December 31, 2025. His departure coincides with the end of his association with T. Rowe Price International Ltd on the same date.

Regulatory Compliance and Timeline

UTI AMC received Madsen's resignation letter on December 16, 2025, at 21:25 hours IST. The company promptly disclosed this information to comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation will be effective from the close of business hours on December 31, 2025.

Director's Farewell Message

In his resignation letter dated December 16, 2025, from Baltimore, Madsen expressed gratitude for his tenure with UTI AMC. He stated that it had been "a great privilege and joy" to serve on the board throughout nearly 16 years. The departing director acknowledged the tremendous growth experienced by both the firm and the Indian mutual fund industry during his tenure.

Madsen offered his best wishes to the broader UTI team, clients, and other stakeholders for continued growth in the years ahead. As a Non-Executive Nominee Director representing T. Rowe Price, he indicated that his board seat would be vacated as his association with T. Rowe Price ends on December 31, 2025.

Corporate Governance Impact

The resignation represents a notable change in UTI AMC's board composition, given Madsen's extended tenure and his role as a nominee director from T. Rowe Price International Ltd. At the time of his resignation, Madsen was not serving on any board committees, which may minimize the immediate operational impact of his departure.

The company has fulfilled all disclosure requirements under the SEBI Listing Regulations and made the information available on its website as per regulatory guidelines. This resignation follows standard corporate governance practices when nominee directors' associations with their nominating entities conclude.

UTI Asset Management Company Limited (UTI AMC) recently held its 9th Extraordinary General Meeting (EGM), marking a significant step in strengthening its corporate governance structure. The meeting, conducted through video conferencing, saw the participation of 84 members and focused on the appointment of five new directors to the company's board.

Key Highlights of the EGM

Appointment of Directors

The primary agenda of the meeting was to approve the appointment of five new directors:

• Four Non-Executive Independent Directors
• One Non-Executive Nominee Director

Meeting Format

The EGM was held virtually, adhering to modern corporate practices and ensuring wider participation.

Resolutions

All resolutions put forth in the meeting were deemed passed, subject to requisite majority approval.

Composition of New Appointments

Implications for UTI AMC

The appointment of these new directors is a strategic move by UTI AMC to enhance its board's diversity and expertise. This decision is likely to bring fresh perspectives and strengthen the company's corporate governance framework.

Financial Context

While the EGM focused on governance matters, it's worth noting UTI AMC's recent financial position:

These figures indicate a steady growth in the company's asset base and capital structure, providing a solid foundation for the newly expanded board to build upon.

Conclusion

The 9th Extraordinary General Meeting of UTI AMC marks a pivotal moment in the company's corporate journey. By bringing in new directors, UTI AMC demonstrates its commitment to robust governance and diverse leadership. As the asset management industry continues to evolve, these strategic appointments position UTI AMC to navigate future challenges and opportunities effectively.

Investors and stakeholders will likely watch closely how these new appointments influence the company's strategic direction and operational efficiency in the coming months.