16% RIL shareholders oppose reappointment of Aramco chairman as director
The resolution for the reappointment 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
PTI
-
The Resolution seeking the reappointment of Al-Rumayyan as an independent director on the company's board for five years but over 16 per cent voted against the proposal. PHOTO: PTI
NEW DELHI, 22 JUNE
The resolution for reappointment Saudi Aramco Chairman 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 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 5 years.
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 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
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 companies 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) and 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 salary,
perquisites and allowances "in the range of Rs 10 crore to Rs 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. Prasad, 72, was reappointed as an executive director through a special
resolution as he had crossed the 70-year threshold age set in the companies 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) and 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 salary, perquisites and
allowances "in the range of Rs10 crore to Rs15 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. 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.
Leave a Reply
Your email address will not be published. Required fields are marked *