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RIL shareholders pass resolution to add Aramco chairman as director

Mukesh Ambani, chairman and managing director of Reliance Industries Ltd

1 min read . Updated: 22 Oct 2021, 06:33 AM IST Edited By Aparna Banerjea

Earlier, RIL had clarified the appointment of Al-Rumayyan saying that he met all regulatory criteria for his appointment as an independent director, pending shareholder approval on the decision

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Mukesh Ambani-led 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 for three years.

“The Company had sought approval of the members of the Company for the appointment of Yasir Othman H. Al-Rumayyan as an Independent Director of the Company. The said resolution is passed with the requisite majority on October 19, 2021 (the last date fore-voting)," RIL said in regulatory filing.

Earlier, RIL had clarified the appointment of Al-Rumayyan saying that he met all regulatory criteria for his appointment as an independent director, pending shareholder approval on the decision.

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 oil-to-telecom company had stated.

The clarification came in the backdrop of the California State Teachers' Retirement Fund, a shareholder of the Indian conglomerate, earlier deciding to vote against the move based on U.S. proxy advisory research firm Glass Lewis' recommendation, BloombergQuint had reported.

Al-Rumayyan's inclusion was earlier widely seen as part of a process to formalise Reliance's agreement to sell a 20% stake in its oil-to-chemical business to Aramco for $15 billion. The Indian conglomerate, however, said last month that his appointment has no connection to the deal.

Al-Rumayyan has been the governor of the Public Investment Fund of Saudi Arabia since 2015.

Shares of RIL on BSE closed 2.85% lower at ₹2,623.00 apiece today.

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