Ril shareholders vote against appointment of Yasir Al Rumayyan as independent director of Saudi Aramco

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Ril shareholders vote against appointment of Yasir Al Rumayyan as independent director of Saudi Aramco

Reliance Industries sought the approval of its shareholders to appoint Yasir Othman H Al Rumayyan as an independent director of Saudi Aramco. In a late evening filing to BSE, the company stated that 98.03 per cent shareholders voted in favour of his appointment and 1.96 per cent voted against it. The resolution was passed on 19 October with a majority in the House of Representatives.

The Company had sought approval of the members of the Company for the appointment of His Excellency Yasir Othman H. Al Rumayyan as an independent director of the Company. The said resolution is passed with the requisite majority on October 19th, 2021 the last date fore-voting stated the company in a filing.

Earlier RIL had issued a statement to proxy advisory groups in order to address their concerns about the appointment of Saudi Aramco Chairman on the board.

The appointment of Yasir Al Rummayyan has no connection with the contemplated transaction with Saudi Aramco. Further, as approved by the shareholders, the 02 C business of RIL is spun off to a subsidiary and as per the terms of the proposed transaction, Saudi Aramco will participate in the equity of the 02 C subsidiary. The 02 C Subsidiary Board may have nominees of Saudi Aramco to protect its interests. Any material change in circumstances at any time which may affect the status of a member of the Board as an independent director is reviewed and appropriately acted upon by the HRNR committee. Further, it is a practice in RIL that any director who is deemed interested recuses himself from participating in the relevant agenda item, the RIL statement said.

The clarification came after California State Teachers Retirement Fund, a shareholder of the US conglomerate, decided to vote against the move based on the recommendation of US proxy advisory research firm Glass Lewis.

RIL Chairman Al Rumayyan announced earlier this year during the 44th annual general meeting that Mukesh Ambani will join the board and begin the internationalisation of Reliance Also read: Reliance Industries to announce Q 2 results on Friday; here s what to expect.

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