Reliance Industries shareholders approve the appointment of Aramco’s CEO as an independent director

Reliance Industries said on Thursday that the required majority of its shareholders approved the appointment of Saudi Aramco’s chairman, Yasser Al-Rumayyan, as an independent director on its board of directors.

Reliance said in a statement that just over 98 percent of those who voted for the resolution approved of Al-Rumayyan’s appointment.

Reliance said last month that Al-Rumayyan has met all the regulatory criteria required to be appointed as an independent director in awaiting the shareholders’ vote on the resolution.

Al-Rumayyan’s membership was widely seen as part of a process to formalize Reliance’s deal to sell a 20% stake in its business oil-to-chemicals to Aramco for $ 15 billion. But the Indian company said last month that its appointment had nothing to do with the deal.

Al-Rumayyan has been the governor of the Saudi Arabia Public Investment Fund since 2015.

Reliance sees the addition of Al-Rumayyan to our Board of Directors as the beginning of his transformation in an international company.

Reliance announced the sale of a 20% stake in its oil-to-chemicals business for $ 15 billion in 2019 to Aramco, the world’s largest oil exporter. But the deal was halted after oil prices and demand plummeted last year as a result of the pandemic.

Reliance president plans to accelerate partnership with Aramco and finalize agreement for Aramco to purchase a stake in one of Reliance’s units quest’year.

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