CalSTRS and Relational Commend Occidental Petroleum’s Election of Board Nominee, Margaret ‘Peggy’ Foran
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (“CalSTRS”) and Relational Investors LLC (“Relational”) commend today’s election of its nominee, Margaret “Peggy” Foran, to the Occidental Petroleum Corporation (“the Company”) Board of Directors.
The election, along with the previously announced series of reforms regarding CEO succession planning, executive compensation, and board composition, successfully satisfies the terms of the October agreement between CalSTRS/Relational and the Company.
Together, CalSTRS and Relational own over 8.5 million Company shares representing approximately 1% of the shares outstanding and valued at nearly $800 million.
“Ms. Foran brings unique skills in corporate-shareholder relations and her election to the board is a welcome complement to the series of progressive changes recently announced by the Company,” said Anne Sheehan, Director of Corporate Governance at CalSTRS. Relational Co-founder, Ralph Whitworth, added, “We applaud the board for their decisive actions and welcome the addition of Ms. Foran.”
The California State Teachers’ Retirement System, with a portfolio valued at $141.3 billion, is the second largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 852,000 public school educators and their families from the state’s 1,600 school districts, county offices of education, and community college districts.
Relational Investors LLC is an employee-owned Registered Investment Adviser and asset management firm, which manages approximately $6 billion. The firm serves some of the largest pension funds and institutional investors in the world. Relational’s mission is to create long-term value for clients by applying its “relational” strategy. The firm invests in and strives to create excess performance in publicly traded, underperforming companies that it believes are undervalued in the marketplace.