<p>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.</p>.<p>Last week, shareholder California State Teachers' Retirement Fund had decided to vote against the move based on US proxy advisory research firm Glass Lewis' recommendation.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/us-pension-fund-to-vote-against-aramco-chair-for-reliance-board-report-1033722.html" target="_blank">US pension fund to vote against Aramco chair for Reliance board: Report</a></strong></p>.<p>The voting process on the appointment, made on July 19 for a period of three years, will end on Oct. 19.</p>.<p>Al-Rumayyan's inclusion to the board was widely seen as part of a process to formalise a deal to sell 20 per cent stake in the Indian conglomerate's oil-to-chemical business to the world's top oil exporting company for $15 billion in 2019.</p>.<p>However, Reliance said on Wednesday his appointment has no connection with the transaction, adding that Saudi Aramco will be a part of the deal-related process to spin off the oil-to-chemicals business into a separate unit.</p>.<p>The deal is expected to be completed soon after a delay last year due to pandemic-led hit to oil prices and demand.</p>.<p>Al-Rumayyan, chairman of Aramco's board, has been the governor of the Public Investment Fund of Saudi Arabia since 2015.</p>.<p><strong>Check out latest DH videos here:</strong></p>
<p>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.</p>.<p>Last week, shareholder California State Teachers' Retirement Fund had decided to vote against the move based on US proxy advisory research firm Glass Lewis' recommendation.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/us-pension-fund-to-vote-against-aramco-chair-for-reliance-board-report-1033722.html" target="_blank">US pension fund to vote against Aramco chair for Reliance board: Report</a></strong></p>.<p>The voting process on the appointment, made on July 19 for a period of three years, will end on Oct. 19.</p>.<p>Al-Rumayyan's inclusion to the board was widely seen as part of a process to formalise a deal to sell 20 per cent stake in the Indian conglomerate's oil-to-chemical business to the world's top oil exporting company for $15 billion in 2019.</p>.<p>However, Reliance said on Wednesday his appointment has no connection with the transaction, adding that Saudi Aramco will be a part of the deal-related process to spin off the oil-to-chemicals business into a separate unit.</p>.<p>The deal is expected to be completed soon after a delay last year due to pandemic-led hit to oil prices and demand.</p>.<p>Al-Rumayyan, chairman of Aramco's board, has been the governor of the Public Investment Fund of Saudi Arabia since 2015.</p>.<p><strong>Check out latest DH videos here:</strong></p>