Occidental Petroleum Corp., which is locked in a battle with activist investor Carl Icahn, plans to make it easier for shareholders to call special meetings and would create new board committees, according to securities documents filed Sept. 19.
The changes would include lowering the threshold to call a special meeting from 25% to 15% of shares outstanding, and forming a board committee on sustainability and shareholder engagement as well as an integration committee that would focus on Occidental's recent acquisition of rival Anadarko Petroleum Corp.
Occidental will recommend shareholders approve the changes at its 2020 annual meeting, according to a Securities and Exchange Commission filing.
Icahn owns nearly $2 billion in shares of oil and gas producer Occidental and has launched a battle to remove four Occidental directors and replace them with his own, four-person slate.
Icahn and Occidental could not be immediately reached for comment late Thursday.
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