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RIL backs Saudi Aramco chairman appointment as independent director

Reiterates that his induction has no connection with Saudi Aramco's plans to buy a stake in RIL's oil-to-chemical business

Proxy advisory firm questioned Saudi Aramco Chairman Yasir Al-Rumayyan’s ‘independence’ on RIL board

As Al-Rumayyan has a key role in the operations of Aramco as chairman and governor of Public Investment Fund (PIF); he does not qualify to be an independent director of RIL.

Dev Chatterjee Mumbai
Reliance Industries today backed the appointment of Saudi Aramco Chairman, Yasir Al-Rumayyan as an independent director on its board and reiterated that his appointment has no connection with Saudi Aramco's plans to buy a stake in its oil-to-chemicals business.

In a statement filed with the stock exchanges, RIL said its O2C (oil-to-chemicals) business is being hived off into a subsidiary, and as per the terms of the proposed transaction, Saudi Aramco will participate in the equity of the O2C subsidiary. The O2C subsidiary board may have nominees of Saudi Aramco to protect its interest, RIL said.

US-based proxy advisory firm,

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First Published: Sep 29 2021 | 4:52 PM IST

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