In a significant development, the chairman of Saudi Aramco Yasir Othman H Al-Rumayyan has been reappointed as an independent director on the board of Reliance Industries Limited for a further five years.
Reliance Industries Limited (RIL) is one of India’s largest conglomerates. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles.
Yasir Al-Rumayyan is also head of Saudi Arabia’s Public Investment Fund. His first term ends on July 18, 2024. And now he has been reappointed till July 18, 2029.
The decision was made by RIL shareholders through a postal ballot, with 83.97% voting in favour of the resolution. However, over 16% of shareholders voted against the proposal.
Earlier Chairman and Managing Director of RIL, Mukesh Ambani, had appointed Al-Rumayyan for a three-year term in 2021 as a replacement for YP Trivedi. The resolution of reappointing Al-Rumayyan was made to provide legal expertise to the board, as RIL had not had a legal professional on its board since 2019.
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