From today's World Street Journal article By Tom Fowler and Joann S. Lublin.
One of the highest paid corporate executives in the country lost his job Friday, as investors at Occidental Petroleum Corp. made Executive Chairman Ray Irani the latest victim of a rising wave of shareholder activism. Investors overwhelmingly voted to remove Mr. Irani, with 76% of the votes cast opposing his re-election at the annual meeting of the Los Angeles based energy company.
Shareholders' recent victories include:
- Ray Lane, who resigned as chairman of Hewlett-Packard Co. in April, though he remained on the board, after more than 40% of voting shareholders opposed his board re-election at the computer company's annual meeting.
- Aubrey McClendon, founder and chief executive of Chesapeake Energy Co., stepped down from that post April 1 after shareholders took control of the board of the struggling natural-gas giant last year.
- Angela Braly resigned as chief executive of WellPoint Inc. last summer under fire from investors over the insurance company's financial performance.
Since Citizens United v. FEC, I have campaigned to allow shareholders to be given the option to opt-out of having their share value used for political contributions.
CLICK HERE to read the article.
NYC Wins When Everyone Can Vote!
Michael H. Drucker
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