Reliance Industries' shareholders have approved the reappointment, of Saudi Aramco Chairman, Yasir Othman H Al-Rumayyan, as an independent director, on the company's board, for five years, but, over 16 per cent, voted against the proposal.

In a stock exchange filing, Reliance said, its shareholders through a postal ballot, approved the reappointment of Al Rumayyan as well as appointment of Haigreve Khaitan as independent directors on the board. They also approved reappointment, of long-time company executive, P M S Prasad, as a director for another five years.

The resolution for reappointment of Al Rumayyan, was carried with 83.97 per cent, voting in favour of the resolution. As many as 16.02 per cent, voted against it , the filing showed.

Al-Rumayyan, who also heads Saudi Arabia's Public Investment Fund, among the largest sovereign wealth funds in the world, was first appointed on the Reliance board in 2021, for a three-year term. His first term ends on July 18, 2024. Now, he has been reappointed till July 18, 2029.

Khaitan, who is a partner in Khaitan & Co, was appointed as an independent director for five years, starting April 1, 2024. But, the resolution for his appointment, too, saw nearly 13 per cent shareholders, voting against it.

As many as 87.15 per cent shareholders, voted in favour of his appointment, the filing showed.

He has been brought in, to provide legal heft to the board. Late M L Bhakta, founding partner of Kanga & Co, was the last legal luminary on the Reliance board, serving for nearly 42 years, till he stepped down, due to his advancing age in 2019.

The company has not had any legal professional, as a member on its board since 2019, the shareholder resolution said. "Considering the size, and complexity of the operations of the company, and the evolving global, and local regulatory landscape, particularly in consumer, and technology businesses, (it was) thought fit, that induction of a vastly experienced senior legal professional, as a member of the Board of Directors of the company, would be in the interest of the company." Both Al-Rumayyan, and Khaitan, will be paid a remuneration, by way of fee, for attending meetings of the Board or Committees, reimbursement of expenses, for participating in the board, and other meetings, and profit related commission, the resolutions read.

Prasad, 72, was reappointed, as an executive director, through a special resolution, as he had crossed the 70-year threshold age, set in the company’s law, for appointment of a director, through ordinary resolutions.

He has been on the company board, since August 21, 2009, and currently leads exploration, and production (E&P), refining, and marketing businesses, of Reliance.

Resolution seeking his reappointment, was passed with 93.69 per cent, voting in favour, and 6.3 per cent against, the filing showed.

Prasad will be paid a salary, perquisites, and allowances, "in the range of ₹10 crore, to ₹15 crore per annum," the shareholder resolution said, adding annual increments shall be determined by the Human Resources, Nomination, and Remuneration Committee of the Board.

His perquisites, and allowances include, "accommodation (furnished, or otherwise), or house rent allowance, in lieu thereof; house maintenance allowance, together with reimbursement of expenses, and/or allowances, for utilisation of gas, electricity, water, furnishing and repairs, medical assistance, and leave travel concession, for self, and family, including dependents." He shall also be reimbursed, "expenses incurred for travelling, boarding, and lodging, including for PMS Prasad's, spouse, and attendant(s), during business trips, and provision of car(s), for use, on company's business, and communication expenses, at residence," the resolution added.

The Reliance board, is headed by its billionaire chairman, and managing director, Mukesh D Ambani, and includes his three children, Isha, Akash and Anant, as well as cousins, Hital Meswani, and Nikhi Meswani.

Independent directors on the company board include, former finance secretary, Raminder Singh Gujral, former Booz & Company CEO, Shumeet Banerji, former SBI chairman, Arundhati Bhattacharya, former CVC, K V Chowdary, and veteran banker, K V Kamath.

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