Mumbai: Reliance Industries (RIL) said on Wednesday that Saudi Aramco chairman Yasir Al-Rumayyan met all the regulatory criteria for his appointment as an independent director. It added that this has no connection with Saudi Aramco’s plans to buy a stake in its oil-to-chemicals (O2C) business. The statement came after California State Teachers’ Retirement Fund, one of the world’s largest institutional investors, decided to vote against the appointment of Al-Rumayyan.
Last week, the fund decided to vote against the appointment based on a recommendation by proxy advisory firm Glass Lewis, which said Al-Rumayyan has a key role in Saudi Aramco as its chairman and in the Public Investment Fund (PIF) as its governor and hence he does not qualify to be an independent director of RIL.
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