Reliance Industries backs Saudi Aramco chairman as independent director

RIL said in a stock exchange filing that the appointment of Yasir Al-Rumayyan will 'benefit Reliance through the transition from oil to chemicals and the aim to achieve Net Carbon Zero by 2035'

Reliance Industries Ltd said on Wednesday Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending a shareholder approval on the decision.

The California State Teachers' Retirement Fund (CalSTRS, a shareholder of the Indian conglomerate, had last week decided to vote against the move based on U.S. proxy advisory research firm Glass Lewis' recommendation, Business Standard had reported last week.

The voting to confirm Al-Rumayyan's appointment for a period of three years will end on October 19.

In a stock exchange filing, Mukesh Ambani-led RIL said the appointment will "help strengthen the