Institutional ownership in companies may be increasing, but if a recent report is to be believed, company promoters still continue to exercise significant control thanks to their majority stake in most companies.In 2024, just 24 out of 4,840 resolutions put to vote by Nifty 500 companies were rejected, according to a study by proxy advisory firm Institutional Investor Advisory Services (IiAS).Only 12 companies saw any resolutions fail, with Finolex Cables facing the most dissent — ten resolutions, mostly on director appointments, were voted down. Nestle faced pushback when shareholders rejected a proposal to increase royalty payments to its Swiss parent.Promoters Rule The Roost?The percentage of rejected resolutions continues to be low in India because of high shareholding of promoters. Promoters having 51% ownership often tilts the scale in their favour. With a majority ownership, promoters as a category own more than the two other categories of investors — institutions and others — and subsequently have a decisive say on the outcomes. The others include family offices, HNIs, retail and private equity.Combine this with a high percentage of participation during these votes, and promoters continue to hold sway.“Promoters vote ‘aye’ almost 100% of their shares unless there is an intra-promoter feud going on. Institutions vote about 96% for, and others are about 99% for. So the overwhelming vote …