Reliance Industries backs Saudi Aramco chairman as independent director

Major Chinese investors are in talks to buy a stake in Saudi Aramco

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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, 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, BloombergQuint had reported.

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

(With Reuters inputs)