Category: Corporate governance

Transocean shareholders oust chairman,but reject Icahn dividend proposal

Transocean shareholders Friday rejected billionaire investor Carl Icahn’s proposal for a $4-a-share dividend, a spokesman says.  More »

Apache investors reject executive pay raise in advisory vote

Apache shareholders voted down a proposal to raise executive pay during a shareholders meeting on Thursday in Houston, a visible rebuke to top management for the sagging stock price and concerns about investment in Egypt.  More »

Hess ends proxy fight by agreeing to add 3 board members

Hess Corp. reached an agreement with billionaire Paul Singer’s Elliott Management Corp. to end a four-month proxy battle, adding three of five board members nominated by the activist shareholder.  More »

Transocean to see a dust-up at its annual meeting

Annual meetings are usually bland affairs for public companies – some shareholders show up, the rest vote on a few proposals by proxy if at all, and executives get on their jets or in their sedans and take off, sometimes before the coffee gets cold.  More »

Anadarko’s Walker named chairman as Hackett’s reign ends

As Anadarko Petroleum Corp. (APC) Chairman Jim Hackett steps down and heads off to Harvard Divinity School, Chief Executive Officer Al Walker’s biggest challenge is convincing investors nothing will change at the $45 billion global oil explorer.  More »

Hess to add two Elliott directors if company slate elected

Hess Corp. will add two directors from dissident shareholder Elliott Management Corp.’s board nominees if the company’s five candidates are elected on May 16, calling it a “resolution to end” a divisive proxy contest.  More »

Houston-area leaders woo workers moving to Exxon Mobil’s new campus

Officials with the Greater Tomball Area Chamber of Commerce and Houston Northwest Chamber, the city of Tomball, and the Klein and Spring school districts went to Virginia recently to serve up a little Texas hospitality to Exxon Mobil employees who will be relocating to the new campus in 2014 and 2015.  More »

Transocean Chairman Talbert to step down amid fight with Icahn

Transocean Ltd. (RIG), the world’s largest offshore oil rig contractor, said Chairman Michael Talbert plans to step down as the company fights board nominees from billionaire investor Carl Icahn.  More »

BNY Mellon appeals ruling on Chesapeake’s early bond call

Bank of New York Mellon Corp., the world’s biggest custody bank, is appealing a ruling allowing Chesapeake Energy Corp. (CHK) to proceed today with redeeming $1.3 billion in bonds six years early at 100 cents on the dollar.  More »

Hess to split roles of CEO and chairman

Hess Corp. will split the positions of CEO and chairman as it fights off a campaign by a major shareholder for a change in leadership at the New York energy company.  More »

Phillips 66 CEO: ‘By all metrics, we feel very good’

Phillips 66 CEO Greg Garland said he doesn’t expect the Keystone XL pipeline to gain U.S. approval this year and suggested regulators will need to “fix” requirements governing the blending of biofuels into gasoline. But Garland said neither of those issues are of serious concern to Phillips 66, which held its first shareholders meeting Wednesday.  More »

Murphy Oil Corp.’s president, CEO to step down

Longtime Murphy Oil Corp. executive Steve Cosse plans to step down and will be replaced by Roger Jenkins, executive vice president and chief operating officer, the company announced Monday.  More »

Occidental’s Irani out as investors end 3-decade rule

The vote against Ray Irani forces him to resign his board seat.  More »

War of words intensifies over Transocean board shakeup effort

Transocean said Friday that dissident shareholder Carl Icahn’s three nominees to serve on the company’s board are “captive to his misguided agenda” in a regulatory filing that stepped up the war of words between the Swiss drilling contractor and the billionaire investor.  More »

Shell CEO Peter Voser to retire in 2014

Royal Dutch Shell PLC said Thursday Chief Executive Peter Voser will step down in early 2014, and the company reported lower first-quarter profits in the wake of a decline in oil prices.  More »