RIL shareholders pass resolution to add Aramco chairman as director

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 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.



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