Californian pension fund opposes Saudi appointment on RIL board

Proxy advisory firm questions Saudi Aramco's chairman Yasir Al-Rumayyan's 'independence' on RIL board

The California State Teachers’ Retirement System (CalSTRS), a US-based pension fund, has decided to oppose the appointment of Saudi Aramco’s chairman, Yasir Al-Rumayyan, as an independent director on the board of Mukesh Ambani-led Reliance Industries (RIL). This disagreement is due to Al-Rumayyan’s position in Saudi Arabia’s Public Investment Fund (PIF), as its governor, as well as in Aramco.

PIF has already invested Rs 9,555 crore in Reliance Retail and Rs 11,367 crore in RIL’s Jio Platforms. Aramco and RIL have been in talks for another equity deal that involves 20 per cent of Reliance’s oil-to-chemical business.

An on June 30,