Reliance shareholders oppose reappointment of Aramco chairman as director
Reliance Industries' (RIL) shareholders have approved the reappointment of Saudi Aramco Chairman Yasir Othman H Al-Rumayyan as an independent director on the company's board for five years but over 16 per cent voted against the proposal. In a stock exchange filing, Reliance said its shareholders through a postal ballot approved the reappointment of Al Rumayyan as well as appointment of Haigreve Khaitan as independent directors on the board. They also approved reappointment of long-time company executive P M S Prasad as a director for another 5 years. The resolution for reappointment of Al Rumayyan was carried with 83.97 per cent voting in favour of the resolution. As many as 16.02 per cent voted against it.
Al-Rumayyan, who also heads Saudi Arabia's Public Investment Fund - among the largest sovereign wealth funds in the world, was first appointed on Reliance board in 2021 for a three-year term. His first term ends on July 18, 2024. And now he has been reappointed till July 18, 2029.
Independent directors on the company board include former finance secretary Raminder Singh Gujral, former Booz & Company CEO Shumeet Banerji, former SBI chairman Arundhati Bhattacharya, former CVC K V Chowdary and veteran banker K V Kamath.
