Reliance Backs Aramco Chair’s Board Role After Investor Dissent

Reliance Industries Ltd. defended its plan to appoint Saudi Aramco’s non-executive Chairman Yasir Al Rumayyan as an independent director of the Indian oil-to-retail conglomerate, after some shareholders decided to vote against the move.

California State Teachers Retirement Fund and State Board of Administration of Florida decided to vote against the proposal, following recommendations from proxy advisory firm Glass Lewis that cited Reliance’s plan to sell a 20% stake in its oil-to-chemicals business to Saudi Aramco.