- Wednesday, May 07, 2025
By: Shubham Ghosh
RELIANCE Industries Ltd (RIL) on Wednesday (29) said Saudi Aramco chairman Yasir Al-Rumayyan fulfilled all regulatory criteria for his appointment as an independent director, pending a shareholder nod on the move.
Last week, shareholder California State Teachers’ Retirement Fund decided to vote against the decision based on the recommendation of American proxy advisory research firm Glass Lewis.
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The voting process on the appointment of Al-Rumayyan, which was made on July 19, will conclude on October 19.
Al-Rumayyan’s inclusion to the board was widely seen as part of a process to formalise a deal to sell 20 per cent stake in the Indian conglomerate’s business to the world’s top oil-exporting company for $15 billion in 2019.
Saudi Aramco chairman Yasir Othman Al-Rumayyan to be on Reliance board
On Wednesday, RIL said the appointment of Al-Rumayyan has no connection with the transaction.
Al-Rumayyan has been the governor of the Public Investment Fund of Saudi Arabia since 2015.
