8-KShareholder Matters

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Shareholder Vote Results (May 18, 2017)

Filed May 18, 2017For Securities:OXYOXY-WT

Summary

Occidental Petroleum Corporation filed an 8-K on May 18, 2017, detailing the outcomes of its 2017 Annual Meeting of Stockholders held on May 12, 2017. The primary focus of this filing is the voting results on various corporate matters, including the election of directors, executive compensation, and several stockholder proposals. Key outcomes include the re-election of all eleven director nominees proposed by the Board with substantial support. An advisory vote on executive compensation was also approved, and the frequency of such votes will remain annual based on stockholder preference. The selection of KPMG LLP as independent auditors was ratified. Notably, a stockholder proposal regarding a climate change impact assessment received majority support, indicating growing investor interest in environmental matters, while other proposals concerning special meeting thresholds, methane emissions, and political contributions did not pass.

Key Highlights

  • 1All eleven director nominees were successfully re-elected to the Board of Directors.
  • 2The advisory vote to approve executive compensation received strong support from stockholders.
  • 3Stockholders affirmed their preference for an annual advisory vote on executive compensation.
  • 4KPMG LLP was ratified as the company's independent auditor for the upcoming fiscal year.
  • 5A stockholder proposal requesting a climate change impact assessment was approved, signaling investor focus on ESG issues.
  • 6Stockholder proposals related to lowering the threshold for special meetings, reporting on methane emissions/flaring, and political contributions did not receive majority approval.

Frequently Asked Questions

The 2017 Annual Meeting saw the re-election of all eleven director nominees and the approval of an advisory vote on executive compensation. Stockholders also voted to continue holding advisory votes on executive compensation annually and ratified the appointment of KPMG LLP as the independent auditor.

A stockholder proposal concerning a climate change impact assessment was approved, indicating growing investor attention to environmental, social, and governance (ESG) factors. However, proposals to lower the threshold for calling special meetings, report on methane emissions and flaring, and disclose political contributions and expenditures did not pass.

The advisory vote to approve executive compensation was approved by a significant margin. Furthermore, the stockholders voted in favor of holding these advisory votes annually, which the Board of Directors intends to follow.

KPMG LLP was ratified as the independent auditor of Occidental Petroleum Corporation. This ratification received overwhelming support from stockholders, with a very high number of 'for' votes compared to 'against' and abstentions.