Occidental Petroleum Corp (OXY)

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$OXY Occidental investors should press for special meeting, ISS says

Institutional Shareholder Services urges Occidental Petroleum (OXY -1.4%) shareholders to ask management for a special meeting to let them weigh in on board and governance issues as it buys rival Anadarko Petroleum (APC -0.2%).

Shareholders have been prevented from weighing in on OXY's "transformational and controversial transaction" with APC and should be given a voice on a range of issues before next year's annual general meeting, ISS says.

ISS suggests OXY shareholders provide consent for the request to fix a record date, a first step in a cumbersome process that could lead to the calling of a special meeting.

The request comes a week after deal critic Carl Icahn laid out plans to shake up OXY's board, and ISS says there is "some merit to Icahn's criticism of Occidental’s governance" but the proxy advisory firm says it is not currently backing Icahn's nominees or planned changes.