Climate Changed
Occidental Holders Override Board in Approving Climate Proposal
- BlackRock supported investor resolution initiated by Calpers
- Resolution passed over the board’s recommendation against it
Pedestrians pass in front of BlackRock Inc. headquarters in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Occidental Petroleum Corp.’s shareholders approved a proposal Friday to require the oil and gas exploration company to report on the business impacts of climate change, marking the first time such a proposal has passed over the board’s objections.
The resolution, initiated by a group of investors including the California Public Employees’ Retirement System, received more than 50 percent of the votes at Occidental’s shareholder meeting in Houston on Friday, according to spokesmen for the company and Calpers. Occidental didn’t provide the tally, but said the exact figures will be submitted to the Securities and Exchange Commission in coming days.