Saudi Aramco Chairman reappointed independent director on RIL board

Nearly 87.15% shareholders voted in favour of his appointment, the filing showed.
Representational image.
Representational image.

NEW DELHI : The majority of shareholders of Reliance Industries (RIL) 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. However, over 16% shareholders voted against the proposal.

The shareholders through a postal ballot approved reappointment of Al Rumayyan as well as appointment of Haigreve Khaitan as independent directors on the board, RIL said in a stock exchange filing. They 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% voting in favour of the resolution. About 16.02% voted against it, the filing showed.

Al-Rumayyan, who also heads Saudi Arabia’s Public Investment Fund - among the largest sovereign wealth funds in the world, was first appointed on RIL 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.

Khaitan, partner in Khaitan & Co, was appointed as independent director for five years starting April 1, 2024. But the resolution for his appointment too saw nearly 13% shareholders voting against it.

Nearly 87.15% shareholders voted in favour of his appointment, the filing showed. He has been brought in to provide legal heft to the board. Late M L Bhakta, founding partner of Kanga & Co, was the last legal luminary on RIK board, serving for 42 years till he stepped down due to his advancing age in 2019.

RIL has not had any legal professional as a member on its board since 2019, the shareholder resolution said. “Considering the size and complexity of operations of the company and evolving global and local regulatory landscape particularly in consumer and technology businesses, (it was) thought fit that induction of a vastly experienced senior legal professional as a member of the Board of Directors of the company would be in the interest of the company.”

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