RoydadNaft –  Ahdaf Investment Group has taken three of the five board seats at Persian Gulf Petrochemical Industries Company for the first time, after an extraordinary general meeting of the Iranian petrochemical holding.

According to Roydad Naft, citing Ahdaf Investment Group, the change in board composition is intended to strengthen shareholders and protect the rights of the oil industry’s pension, savings, and welfare funds, as well as retirees and other beneficiaries of those funds.

With three of the five seats assigned to Ahdaf subsidiaries, three new directors will sit on the Persian Gulf Holding board as representatives of Ahdaf’s affiliated companies and the oil industry pension, savings, and welfare funds.

By holding a majority of the board seats, Ahdaf Investment Group will have a larger role in the management and governance of Persian Gulf Petrochemical Industries Company.

The board change is being presented as a step to reinforce shareholders’ influence, safeguard their interests, and give oil-industry pension and welfare affiliates a stronger voice in one of Iran’s most important petrochemical holdings.