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Notwithstanding the concerns raised by some minority investors, Reliance Industries Ltd said on Thursday that 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.
Earlier, some minority investors had raised conflict of interest against the appointment.
A little over 98 per cent 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.
This comes after the California State Teachers’ Retirement Fund (CalSTRS), America’s second-largest public pension fund and a minority shareholder in RIL, decided to vote against the induction of Rumayyan based on a recommendation from Glass, Lewis & Co., a proxy advisory research firm based in the US.
Glass, Lewis & Co has cited Rumayyan’s key roles in the operations of Aramco and Public Investment Fund (PIF) to suggest that he does not qualify to be an independent director on RIL’s board
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