Reliance Industries Shareholders of Reliance have approved the reappointment of Saudi Aramco Chairman Yasser Othman H Al-Rumayyan as an independent director on the company’s board of directors for five years. However, more than 16 percent of shareholders voted against the proposal. Reliance said in a stock exchange notice that shareholders approved the reappointment of Al Rumayyan through postal ballot as well as the appointment of Hargreaves Khaitan as an independent director on the board of directors.
Shareholder approval obtained
Shareholders also approved the reappointment of long-time company executive PMS Prasad as director for the next five years. The proposal to reappoint Al Rumayyan received 83.97 per cent votes in favour and 16.02 per cent against, the information said. Al-Rumayyan is also the head of the Public Investment Fund of Saudi Arabia, one of the world’s largest sovereign wealth funds. Al-Rumayyan was first appointed to the board of directors of Reliance in 2021 for a three-year term.
Term expires on July 18, 2024
His first term expires on July 18, 2024. And now he has been reappointed till July 18, 2029. Khaitan, a partner in Khaitan & Co, was appointed independent director for five years from April 1, 2024. But about 13 percent of shareholders voted against the proposal for his appointment. 87.15 percent of shareholders voted in favor of his appointment.
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