Reliance Industries To Add Aramco Chairman As Independent Director: Report

Reliance-Aramco Deal: A majority of Reliance's shareholders have passed the resolution to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director

Reliance Industries To Add Aramco Chairman As Independent Director: Report

Saudi Aramco Chairman Yasir Al-Rumayyan

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

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.

Last month, Reliance said Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending the shareholder vote on the decision.

That announcement came after media reports of shareholder California State Teachers' Retirement Fund saying it would vote against the move, based on U.S. proxy advisory research firm Glass Lewis' recommendation.

Al-Rumayyan's inclusion was earlier widely seen as part of a process to formalise Reliance's agreement to sell a 20 per cent stake in its oil-to-chemical business to Aramco for $15 billion.

The 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.

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