Nestle India Ltd. said its shareholders have cleared a proposal for the continuation of royalty payments to its Swiss parent firm Societe des Produits Nestle SA.
The company said that all resolutions, including the “one for continuity of royalty payments” were approved with an overwhelming majority at the 60th Annual General Meeting in New Delhi
Commenting on the outcome of the AGM, Suresh Narayanan, Chairman and Managing Director, Nestle India said, “I am humbled by the strong show of support from the shareholders. They have appreciated the company’s performance and shown faith in management’s ability to deliver long term shareholder value.”
“The shareholders also appreciated the efforts towards societal initiatives, be it in the area of rural development, nutrition, water or steps taken towards managing plastic waste. The company had proposed for the continuation of payment of royalty to Societe des Produits Nestle S.A and also the approval of members every five years for that.”