San Jose California Stockholder Proposal of Occidental Petroleum Corp. to Provide Mandatory Retirement at Age 70 Description: The stockholder proposal put forth by Occidental Petroleum Corp in San Jose, California suggests implementing a mandatory retirement policy for all officers and directors, requiring them to step down from their positions once they reach the age of 70. This proposal aims to ensure effective leadership, continuous innovation, and the development of fresh perspectives within the company's governance structure. Keywords: — San JoseCaliforniani— - Stockholder proposal — Occidental Petroleum Cor— - Mandatory retirement — Officer and directoretirementen— - Age 70 retirement policy — Effectivleadershiphi— - Continuous innovation — Governance structure Types of San Jose California Stockholder Proposal of Occidental Petroleum Corp. to Provide Mandatory Retirement at Age 70: 1. Universal Mandatory Retirement Policy: This type of proposal suggests a blanket mandatory retirement policy for all officers and directors of Occidental Petroleum Corp once they reach the age of 70. It does not differentiate between positions or levels of authority within the company. 2. Tiered Mandatory Retirement Policy: In this variation of the proposal, officers and directors would still be subject to mandatory retirement at age 70, but the retirement age could vary based on their position or level of authority within Occidental Petroleum Corp. For example, executives at higher echelons might have a slightly later retirement age to allow for smoother succession planning. 3. Phased Mandatory Retirement Policy: This proposal suggests a phased retirement policy, whereby officers and directors would gradually transition out of their roles after reaching the age of 70. This could involve reducing their responsibilities, taking on advisory roles, or mentoring their successors, ensuring a smooth transition while capitalizing on their experience and knowledge. 4. Opt-Out Retirement Policy: The opt-out retirement proposal provides officers and directors with the opportunity to continue working beyond the age of 70, but they would be required to undergo a rigorous evaluation process to demonstrate their continued effectiveness, competence, and commitment to the company. This policy offers flexibility while maintaining a focus on effective leadership. 5. Performance-Based Retirement Policy: This type of proposal suggests that officers and directors must retire at age 70 unless they can demonstrate exceptional performance and ongoing value to the company. It would require a rigorous assessment of their contributions, with the decision to extend their tenure made on a case-by-case basis. Note: These types are hypothetical examples and may not reflect the specific range of proposals presented by San Jose stockholders regarding the mandatory retirement policy at Occidental Petroleum Corp.
San Jose California 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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