In a move aimed at bringing in more transparency to the shareholding of family members, India's Godrej family has set up a 'Family Council', which will meet twice every year and will be attended by all members of the Godrej family who are 16 years of age and above. The 105-year-old House of Godrej is running on its fourth generation, and reportedly is growing at a compounded rate of 10-15 percent.
Confirming the development of setting up the Family Council, Godrej Consumer Products chairman Adi Godrej said, "The idea is to keep family members informed about the shareholding of individual members." It will also be an initiative to groom the younger members of the family to brief them about the group’s businesses, which vary from personal care products to chemicals, home appliances, locks, furniture, etc.
Godrej Manufacturing & Company is the holding company of the group. Since its inception, the company is controlled by the Godrej family. Its shares are not listed on any stock exchange, but about one-fourth of the company’s share capital is held by the Pirojsha Godrej Foundation, a public charitable trust.(Financial Express)
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