US pension fund to vote against Aramco chair for Reliance board: Report
The California State Teachers’ Retirement Fund (CalSTRS) has decided to vote against the appointment of Saudi Aramco’s chairman as an independent director to the board of Mukesh Ambani’s Reliance Industries, BloombergQuint reported.
The U.S. pension fund held 5.3 million fully and partly paid shares of Reliance Industries, as of June 30, 2020, according to the last available disclosure on its website.
CalSTRS’ voting decision is based on U.S. proxy advisory research firm Glass Lewis’ recommendation, BloombergQuint reported on Friday.
Reliance, owned by billionaire Ambani, had appointed Aramco’s Yasir Al-Rumayyan as an independent director on July 19 in the process of formalising a deal it had struck with the Saudi Arabian company to sell 20% stake in its oil-to-chemicals business.
