It defies all logic that VH and her EC still have jobs. I hate to say that the shareholders deserve this, but they kind of do for not replacing VH at the annual shareholder meeting. What in the world is the deal?
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Remember what happened to the analyst that didn't give Enron a buy rating?
All these analysts and institutions are by and large very good at not rocking the boat . They're momentum followers. Stock does well, analyst raises price target. Very few actually lead the trend.
Retail investors are screwed as the institutions and CI have the majority say
We are all just along for the ride
Think Carl got this one badly wrong and hes looking to get as much out of this as he can before folding it
Why would the large institutional investors not want to maximize profits by voting to improve the functioning of this company. It can still be green with different management.
I would not expect much from the big institutional guys (Blackrock, Vanguard, D&G). These guys, are to varying degrees "woke" investors - placing progressive social causes ahead of profits. Blackrock specifically is notorious about this. D&G too is a "progressive" San Fran-based company. They all love that Vicki is the first CEO of a major US oil company. To h311 with profits or employees. — Virtue-signalling is what they are about. To a lesser degree that is true of Vanguard, but Vanguard, whose focus has always been on passive indexing, generally shies away from boardroom conflict.
As for Icahn, I think he wants Vicki right where she is. She serves his purpose – as she is a magnet for the contempt that employees (current and former) feel. From Icahn's viewpoint, why remove her? - She is a figurehead. When any bad news needs to be made, she is "useful" in serving as the communicator of the bad news. Why would Icahn – or any other OXY officer want that role? From Icahn & the EC's perspective: its a dirty job, so let HER do it...
And Chazen? – He is the one who tapped Vicki as his successor.
It is hard for the little shareholders because all the institutional large shareholders basically own the voting rights for us all. Per below the number of large shareholders and shares owned. Get a few of these guys together, and something might happen.
Dodge & Cox Inc 139,136,821
Vanguard Group, Inc. (The) 116,562,073
Icahn, Carl, C. 99,705,680
Blackrock Inc. 63,458,989
State Street Corporation 58,195,716
Geode Capital Management, LLC 16,329,160
Capital World Investors 12,090,548
Northern Trust Corporation 11,849,713
Norges Bank Investment Management 10,465,306
Dimensional Fund Advisors LP 8,700,383
There is no good explanation, only rationalizations. Steve Chazen should do better.
Agree, especially from a shareholder Point of view.