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Saudi Aramco is the top oil producer in the wrld

US pension fund doesn’t want chairperson from Aramco

The California State Teachers Retirement Fund (CalSTRS) voted against the appointment of the chairman of Saudi Aramco (2222.SE) as an independent director on the board of Mukesh Ambani’s Reliance Industries (RELI.NS). have decided to do. ), BloombergQuint informed of.- Advertisement –

As of June 30, 2020, the US Pension Fund held 5.3 million fully and partially paid-up shares of Reliance Industries, as per the last disclosure available on its website.- Advertisement –

BloombergQuint reported on Friday that CalSTRS’s voting decision is based on a recommendation from American proxy advisory research firm Glass Lewis.

Billionaire Ambani-owned Reliance on July 19 appointed Aramco’s Yasir Al-Rumayen as an independent director.- Advertisement –

The voting process for shareholders to confirm the appointment of Al-Rumayyan as independent director for a period of three years will end on October 19.

The report said Glass Lewis, who recommends more than 1,200 investors worldwide to vote, had recommended voting against Al-Rumayyan, who is RIL’s “director as an independent director”. depending on the situation”.

Reliance, CalSTRS and Glass Lewis did not immediately respond to Businesshala requests for comment.

The Indian conglomerate had in 2019 announced a sale to the world’s top oil exporting firm Aramco for $15 billion, however the deal was put on hold after the fall in oil prices and fuel demand due to the coronavirus crisis.

Last month, Businesshala News reported that a deal between Reliance and Aramco could be in place in the coming weeks. At Aramco’s earnings briefing in August, Chief Executive Officer Amin Nasser had said that the company was still doing due diligence on the Reliance deal.

Al-Rumayun is the chairman of the board of directors of Aramco and since 2015 the governor of the Public Investment Fund of Saudi Arabia.

Source: Businesshala

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