Illinois Stockholder Proposal for Mandatory Retirement at Age 70: Occidental Petroleum Corp. is an American multinational petroleum and natural gas exploration and production company headquartered in Houston, Texas. As an Illinois-based stockholder, it is crucial to understand the stockholder proposal put forth by Occidental Petroleum Corp., which advocates for mandatory retirement for officers and directors at the age of 70. This proposal aims to bring a new dimension to the board's composition, encouraging a healthy rotation of leadership and fresh perspectives within the company. Keywords: Illinois, Stockholder proposal, Occidental Petroleum Corp., mandatory retirement, officer, director, age 70. Types of Illinois Stockholder Proposals for Mandatory Retirement at Age 70: 1. Age Limit Implementation: This type of proposal suggests enforcing a strict age limit of 70 years for all officers and directors within Occidental Petroleum Corp. This ensures that individuals stepping into leadership roles have a limited tenure, creating opportunities for new talent and diverse viewpoints to contribute to the company's decision-making processes. 2. Phased Retirement Program: Another variation of the proposal suggests introducing a phased retirement program for officers and directors. This approach allows individuals to transition from their current leadership roles into advisory or mentorship positions, providing guidance and support to the next generation of leaders. By gradually reducing responsibilities, this proposal allows for a smoother transition while retaining the experience and knowledge of retiring executives. 3. Term Limit Implementation: Instead of focusing solely on age, this stockholder proposal suggests implementing term limits for officers and directors. By setting a maximum tenure of, for example, 15 years, the proposal ensures a regular turnover of leadership roles, fostering innovation, and preventing stagnation in decision-making processes. 4. Succession Planning and Mentorship Initiative: This unique proposal puts emphasis on creating a robust succession planning and mentorship program within Occidental Petroleum Corp. It encourages the company to develop initiatives that identify and prepare future leaders well in advance, ensuring a talent pipeline while facilitating a smooth transition when officers and directors reach retirement age. 5. Board Composition Reassessment: This variant of the proposal focuses on revisiting the composition of Occidental Petroleum Corp.'s board of directors. It suggests increasing diversity in terms of age, race, gender, and professional backgrounds to enable a wider range of perspectives and experiences, thereby enriching the decision-making process. Overall, Illinois stockholders are invested in seeing Occidental Petroleum Corp. embrace mandatory retirement at age 70 for officers and directors. The specific type of proposal may vary, but the underlying objective remains: to foster leadership renewal, enhance corporate governance, and ensure the long-term success and sustainability of the company.
Illinois Stockholder proposal of Occidental Petroleum Corp. to provide that each officer and director be subject to mandatory retirement at age 70
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Over our 100-year history, we have built a vast infrastructure of integrated operations around the world that deliver reliable energy and essential products. As an energy leader, we take it as our responsibility to lead the way in the vigorous pursuit of viable, future-looking carbon management worldwide.
Occidental Petroleum Corp (Occidental) is an oil and gas exploration and production company. It explores for, develops and produces oil, natural gas liquids (NGLs), natural gas and condensate.
The Audit Committee of the Board of Directors of Occidental has selected KPMG LLP as independent auditor to audit the consolidated financial statements of Occidental and its subsidiaries for the year ending December 31, 2021.
Company Information The oil and gas segment explores for, develops and produces oil, which includes condensate, natural gas liquids (NGL) and natural gas. The chemical segment primarily manufactures and markets basic chemicals and vinyl's.
Engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.
Inflated figures. Occidental has previously been accused of inflating the role of carbon dioxide removal when it told investors that it could capture 10 gigatonnes by 2030. IPCC author Zeke Hausfather thinks ?carbon dioxide removal is an important part of getting to net zero?.