Saudi Aramco Chairman Al-Rumayyan appointed to Reliance board after shareholders' approval: Report
Mumbai/IBNS: Reliance Industries Ltd Thursday announced that the resolution to induct Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director to its board has been passed by a required majority of its shareholders, according to media reports.
A little over 98 percent of the total votes polled on the resolution were in favour of Al-Rumayyan's addition, Reliance said in a statement, reported Reuters.
On October 1, Reliance Industries Ltd. (RIL) has justified the inclusion of Saudi Aramco chairman Yasir Al-Rumayyan as an independent director, saying that the appointment meets all the regulatory criteria, pending shareholder approval on the decision.
“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.
Al-Rumayyan ‘satisfies every one of this (Indian Companies Act, 2013) criteria laid down in the law and regulations' and added that the HRNR Committee of the Board of Directors consists of 4 Independent Directors out of the total strength of 5, it clarified.
RIL issued the statement after two of the institutional investors of the Indian conglomerate - California State Teachers Retirement Fund and State Board of Administration of Florida- decided to oppose the decision following the recommendations from proxy adviser Glass, Lewis and Co, media reports had said.
The appointment was red-flagged because of a potential conflict of interest, the reports added.
“The appointment of H.E. Yasir Al-Rumayyan has no connection with the contemplated transaction with Saudi Aramco," Reliance said in an exchange filing.
Yasir Al Rumayyan (51), Saudi Aramco chairman and Governor of the Kingdom's wealth fund, Public Investment Fund, was inducted as an independent director in Reliance Industries, will replace Yogendra P Trivedi, 92, who had expressed a desire to retire.
He also serves on the boards of ride-hailing company Uber Technologies Inc. and cellphone chip designer ARM Ltd.