July 08, 2025 08:21 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi meets Uruguay President on sidelines of 17th BRICS Summit in Rio de Janeiro | PM Modi meets Bolivian President on the sidelines of BRICS in Rio de Janeiro | Supreme Court refuses interim stay on Election Commission's voter list revision drive in Bihar, hearing on Thursday | Khalistani terrorist Harpreet Singh alias Happy Passia, responsible for terror attacks in Punjab, brought to India from US: Report | Calcutta HC dismisses medical council's order suspending TMC leader Dr. Santanu Sen | I do not have any cabinet: Kangana Ranaut on Mandi disaster relief; Congress slams BJP MP for 'insensitivity' | 'Fadnavis did what Balasaheb Thackeray could not...': Raj Thackeray jibes at Maharashtra CM after MNS chief reunites with Uddhav | Modi will bow to Trump's deadline: Rahul Gandhi attacks PM over India-US trade deal | Marathi should be respected but thuggery in the name of language won't be tolerated: Devendra Fadnavis reacts to slapgate | Pune rape: Accused was not delivery boy but complainant's friend, she was angry at him for forced sex, say police
Reliance Industries Ltd
Image: Wikimedia Commons

US pension fund to vote against Saudi Aramco chairman Al-Rumayyan's appointment to RIL board: Report

| @indiablooms | Sep 24, 2021, at 11:39 pm

The California State Teachers' Retirement Fund (CalSTRS)  has decided to vote against the appointment of Saudi Aramco's chairman Yasir Al-Rumayyan as an independent director to the board of Mukesh Ambani's Reliance Industries, according to a media report.

CalSTRS' voting decision is based on U.S. proxy advisory research firm Glass Lewis' recommendation, BloombergQuint reported on Friday.

The U.S. pension fund held 5.3 million fully and partly paid shares of Reliance Industries, as of June 30, 2020, according to the last available disclosure on its website.

Glass Lewis helps over 1200 investors across the world by making voting recommendations. It had recommended voting against Al-Rumayyan "based on the director's status as an independent director" of RIL, the report added.

Yasir Al-Rumayyan's appointment comes as part of RIL's fulfillment of the $15 billion oil deal with Aramco that involves the sale of a 20 per cent stake in its oil-to-chemicals business, comprising oil refineries at Jamnagar in Gujarat and petrochemical assets, to Aramco, the world's largest oil exporter.

The stake sale had been agreed upon in 2019, but no action on the deal was taken as oil demand and prices crashed due to the pandemic last year.

Bloomberg News reported Chief Executive Officer Amin Nasser had said at Aramco's earnings briefing in August that the company was still doing due diligence on the Reliance deal.

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.

The shareholders' voting process to confirm Al-Rumayyan's appointment as an independent director, for a period of three years, will end on Oct. 19, said the Bloomberg report.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
RBI announces repo rate cut Jun 06, 2025, at 10:51 am
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm