New Delhi, April 16 -- Local arm of the Swiss consumer goods company, Nestle India, will now seek approval of its shareholders every five years for royalty payments to its parent company after receiving investor and proxy firm feedback on the issue.

Accordingly, it has reviewed its royalty payout to make it more inclusive. "We received feedback from our shareholders and other stakeholders on the resolution pertaining to royalty payment and as a responsible corporate citizen with high standards of corporate governance modified the resolution," a Nestle India spokesperson said in a statement.

The company added that while its General Licensing Agreements (GLA's) are reviewed periodically by the audit committee, "the resolution has been mod...