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Why are shareholders opposing this decision by Reliance Industries? The matter is related to Saudi Arabia.

Sagar Patel

By Sagar Patel

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Reliance Industries shareholders approved the re-election of Saudi Aramco Chairman Yasir 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 filing that shareholders approved the appointment of Al Rumayyan as well as the appointment of Hagriv Khaitan as an independent director on the board of directors through postal voting.

many people agreed

Shareholders also approved the re-election of former company executive PMS Prasad as director for the next five years. The information says that 83.97 percent of the votes were cast in favor of Al Rumayyan’s re-election bid and 16.02 percent against. Al-Rumayyan is also the director of the Saudi Arabian Public Investment Fund, one of the largest sovereign wealth funds in the world.

It was appointed for the first 3 years.

Al-Rumayyan was first appointed to Reliance’s board of directors for a three-year term in 2021. His first term expires on July 18, 2024 and he has now been re-elected until July 18, 2029. Khaitan, Partner of Khaitan & Co, was appointed as an independent director for five years from April 1, 2024, but around 13 per cent of shareholders voted against the proposal for his appointment. 87.15 percent of shareholders voted in favor of his appointment.

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Who is Yasir Othman?

According to information available on the Reliance Industries website, Yasir Othman H. Al-Rumayyn has been Managing Director of the Saudi Arabian Public Investment Fund since 2015, and then served as Governor of the Saudi Arabian Public Investment Fund since 2019. . he are leading all sectors of the Sovereign Wealth Fund’s operations as Saudi Arabia’s investment arm, critical to Saudi Arabia’s Vision 2030. Al-Rumayyan has over 25 years of experience working at some of Saudi Arabia’s leading financial institutions. He started his career at Saudi Hollandi Bank.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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