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Glass Lewis Changes Tune

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May 1
9:15 AM 2013

Investor advisory firm Glass Lewis has made an about face on its recommendation for voting preferences for Occidental Petroleum Executive Chairman Ray Irani. The change was reached after the company clarified its future plan for CEO Steve Chazen.

Occidental is the fourth largest US oil firm which was forced to deny there was an ongoing tussle at the top management level between the two executives since early April.

The advisory firm initially had concerns about the continued participation of the elderly Irani as chairman of the board would result in an inability to find a replacement for Chazen. With Chazen remaining until the end of 2014, together with Irani, any issue would no longer be relevant according to Glass Lewis.

In an update for Occidental shareholders, "Nevertheless, we believe shareholders should closely monitor the application of these policies, specifically as they may pertain to Mr. Irani."

As for other other issues such as executive compensation, shareholders should still vote no to the matter. 

On the other another investor advisory firm, ISS reiterated its recommendation to vote against Irani but vote for the executive compensation plan.

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