1. Carl Icahn Wins ISS Support for Initial Step to Shake Up Occidental

    Carl Icahn Wins ISS Support for Initial Step to Shake Up Occidental

    (Bloomberg) -- Carl Icahn’s effort to revamp Occidental Petroleum Corp.’s board got a boost from a prominent shareholder advisory firm Thursday. Institutional Shareholder Services Inc. urged the oil explorer’s investors to support Icahn’s initial steps in his push to replace four directors...

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    1. Having acknowledged that the Icahn Group's solicitation would divert management and board attention away from the very thing that is critical to long-term shareholder value – a successful integration of Anadarko – we believe that ISS' logic in supporting this first step is flawed.
    2. The fact that shareholders are seemingly being prevented from opining on a transformational and controversial transaction, along with the self-evident complexity of the consent solicitation process, suggests that a more open and thorough debate regarding Occidental's strategic direction and overall governance would be beneficial.
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