Occidental directors elected easily

 

Despite criticism from some shareholders over Occidental Petroleum Corps’ controversial merger last year with Anadarko Petroleum Corp, Occidental directors were elected last week by comfortable margins.

Reuters reported the votes came in the first annual meeting held since the U.S. oil and gas company’s $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on rising shale oil prices that has knocked its share price by 78% since its interest was first disclosed.

Chief Executive Vicki Hollub, who has come under fire for her pursuit of the Anadarko deal, received 91% of shareholder support, up from 78% last year. She received 99.7% in 2018.

Shareholders approved all Occidental board members by an average of 92%, up from 78.4% last year.

But an advisory vote on executive compensation was 76% in favor, down from 88% last year and 96% in 2018.

Source: Reuters