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Reliance endorses Saudi Aramco chairman as independent director

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The voting process on the appointment will end on October 19.

Bangalore: Reliance Industries Ltd said on Wednesday that Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending a shareholder’s approval on the decision. Last week, shareholders of the California State Teachers Retirement Fund decided to vote against the move based on a recommendation from US proxy advisory research firm Glass Lewis.

The voting process on the appointments made on July 19 for a period of three years will end on October 19.

Al-Rumayen’s joining the board is seen as part of the process of formalizing a deal to sell a 20% stake in the Indian conglomerate’s oil-to-chemical business to the world’s top oil exporter for $15 billion in 2019 had gone.

However, Reliance said on Wednesday that his appointment had nothing to do with the transaction, adding that it would be a part of the process related to the deal to convert the Saudi Aramco oil-to-chemicals business into a separate entity.

The deal is expected to close soon after being delayed last year due to the pandemic in oil prices and demand.

Al-Rumayyan, chairman of the board of Aramco, has been the governor of Saudi Arabia’s Public Investment Fund since 2015.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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