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India’s Reliance gets shareholders’ nod to add Aramco chairman as director

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Bengaluru (Reuters) – India’s Reliance Industries Ltd said on Thursday that a required majority of its shareholders have passed a resolution to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director to the conglomerate’s board.

A little over 98% of the total votes polled on the resolution were in favour of Al-Rumayyan’s addition, Reliance said in a statement.

Last month, Reliance said Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending the shareholder vote on the decision.

That announcement came after media reports of shareholder California State Teachers’ Retirement Fund saying it would vote against the move, based on U.S. proxy advisory research firm Glass Lewis’ recommendation.

Al-Rumayyan’s inclusion was earlier widely seen as part of a process to formalise Reliance’s agreement to sell a 20% stake in its oil-to-chemical business to Aramco for $15 billion.

The Indian conglomerate, however, said last month that his appointment has no connection to the deal.

Al-Rumayyan has been the governor of the Public Investment Fund of Saudi Arabia since 2015.

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