Companies

RIL gets shareholders’ nod to appoint Aramco chief as director

Our Bureau Mumbai | Updated on October 21, 2021

Earlier, some minority investors had raised conflict of interest against the appointment

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

Published on October 21, 2021

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