Reliance defends Aramco exec’s appointment to company board

Reliance Industries Ltd (RIL) on Wednesday defended the appointment of Saudi Aramco chairman Yasir Al-Rumayyan as an independent director after two of the Indian conglomerate’s institutional investors said they would oppose the move.

The Mukesh Ambani-led Reliance denied any link between Al-Rumayyan’s appointment and its ongoing talks to sell a stake in its oil-to-chemicals (O2C) business to the Saudi oil giant.

California State Teachers Retirement Fund and State Board of Administration of Florida decided to vote against the proposal, following recommendations from proxy adviser Glass, Lewis and Co., which had red-flagged the board appointment because of potential conflict of interest.