Billionaire activist investor Carl Icahn is seeking to replace a quarter of Occidental Petroleum directors, claiming the oil company's $57 billion deal to acquire Anadarko Petroleum showed a "lack of effective corporate governance" that restricted shareholders' ability to call a special meeting.
In a regulatory filing with the US Securities & Exchange Commission (SEC), Icahn said the replacement of directors on the nine-member board was important "to oversee future extraordinary transactions like the Anadarko transaction and to ensure that they are not consummated without stockholder approval when appropriate".
