North Carolina Stockholder Proposal of Occidental Petroleum Corp. to Provide Mandatory Retirement at Age 70 for Officers and Directors Keywords: North Carolina, stockholder proposal, Occidental Petroleum Corp., mandatory retirement, age 70. Description: The North Carolina Stockholder Proposal of Occidental Petroleum Corp. aims to introduce a policy that requires each officer and director of the company to retire upon reaching the age of 70. This proposal is designed to ensure efficient corporate governance, encourage board refreshment, and promote the entry of new talent and fresh ideas into the company's leadership positions. Occidental Petroleum Corp., a major player in the energy industry, acknowledges the importance of periodically rejuvenating its leadership team to enhance decision-making, adapt to evolving market dynamics, and maintain optimal performance. As such, this specific stockholder proposal would impose a mandatory retirement age of 70 for all officers and directors within the company. Benefits of the Proposal: 1. Governance efficiency: Introducing a mandatory retirement age ensures that executives and directors maintain high levels of energy, focus, and cognitive abilities required for crucial decision-making processes. 2. Board refreshment: Requiring retirement at age 70 allows for a continual infusion of fresh perspectives and new expertise into the company's leadership team. This fosters innovation, creativity, and adaptation to emerging challenges. 3. Succession planning: The proposal encourages proactive succession planning strategies by ensuring a regular turnover of leadership positions. This mitigates potential leadership gaps and facilitates the smooth transition of responsibilities. 4. Diversity and inclusion: Imposing a mandatory retirement age fosters diversity by creating opportunities for new voices, experiences, and perspectives to be heard within the organization. It breaks the barriers that might prevent the emergence of diverse leadership talent. Potential Types of Stockholder Proposals: 1. Comprehensive Mandatory Retirement Policy: This proposal suggests implementing a broad policy that requires all officers and directors of Occidental Petroleum Corp. to retire upon reaching the age of 70, applying uniformly to all levels of leadership positions. 2. Phased Retirement Proposal: This alternative option proposes a gradual retirement process, where officers and directors are encouraged to gradually reduce their involvement after a certain age. It allows for a smoother transition while retaining valuable experience and expertise. 3. Age-Based Retirement with Exceptions: This proposal suggests mandating retirement at age 70 but allowing exceptions on a case-by-case basis for officers and directors who are proven to have exceptional skills, experience, and performance, regardless of their age. The North Carolina Stockholder Proposal of Occidental Petroleum Corp. is a progressive step toward promoting corporate governance best practices, encouraging diversity, and ensuring that the company remains adaptive and innovative in a competitive market landscape.
North Carolina 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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Occidental Petroleum Corporation is an international energy company with assets primarily in the United States, the Middle East and North Africa. The Company operates through three segments: oil and gas, chemical and midstream and marketing.
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.
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.