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Reliance shareholders pass resolution to add Saudi Aramco chairman as director

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Reliance Industries Ltd said on Thursday that a required majority of its shareholders have passed the resolution to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director to the conglomerate’s board, Business Standard reported.

As per the report, a little over 98% of the total votes polled on the resolution were in favour of Al-Rumayyan’s addition, Reliance said in a statement. The announcement comes a day ahead of RIL’s Q2 results. Al-Rumayyan has been the governor of the Public Investment Fund of Saudi Arabia since 2015.

In September, Reliance Industries Ltd said Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director.

The California State Teachers’ Retirement Fund, a shareholder of the Indian conglomerate, had decided to vote against the move based on US proxy advisory research firm Glass Lewis’ recommendation, Business Standard had reported.

The voting to confirm Al-Rumayyan’s appointment for a period of three years ended on October 19.

RIL had said last month that the appointment will “help strengthen the Board’s diversity and skill-sets and benefit Reliance through the transition from oil to chemicals and the aim to achieve Net Carbon Zero by 2035”.

 

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