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The Mukesh Ambani-led Reliance Industries Ltd said on Wednesday Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending shareholder approval on the decision.

“Reliance Industries Limited (RIL) Board, based on the recommendation of the Human Resources, Nomination and Remuneration (HRNR) Committee and pursuant to the provisions of Section 161 (1) of the Companies Act, had approved the appointment of His Excellency Yasir Al-Rumayyan as an Additional Director, designated as an Independent Director. This was also announced at the AGM held on June 24, 2021. The appointment has taken effect from July 19, 2021 for a term of 3 years," RIL said in a statement. 

The oil-to-telecom conglomerate also clarified that Al-Rumayyan ‘satisfies every one of this (Indian Companies Act, 2013) criteria laid down in the law and regulations' and added that HRNR Committee of the Board of Directors consists of 4 Independent Directors out of the total strength of 5. 

Yasir Al Rummayyan is an accomplished global business leader. He is the Non-Executive Chairman of Saudi Aramco (SA). His experience encompasses over 25 years working in some of Saudi Arabia's prominent financial institutions, including as the Governor of the Public Investment Fund of Saudi Arabia.

“The track record of the H.E. is evident from his Profile as disclosed by the Company in the Postal Ballot Notice. It encompasses international business and governance experience, expertise in finance, global energy industry and insights on emerging technology-led business models. This 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," RIL further stated. 

RIL's shares traded 0.34% lower at 2,539.30 apiece on BSE at the time of publishing the story. 

The California State Teachers' Retirement Fund, a shareholder of the Indian conglomerate, had last week decided to vote against the move based on U.S. proxy advisory research firm Glass Lewis' recommendation, BloombergQuint had reported.

The voting to confirm Al-Rumayyan's appointment for a period of three years will end on Oct. 19. The U.S. pension fund held 5.3 million fully and partly paid shares of Reliance Industries, as of June 30, 2020, according to the last available disclosure on its website.

With inputs from agencies

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