LOS ANGELES, March 17, 2004 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) and the California Province of the Society of Jesus, an Occidental stockholder, announced today the withdrawal of a proposal that was to have been presented at Occidental's 2004 Annual Meeting of Stockholders. That proposal requested that Occidental's Board of Directors adopt a formal policy on human rights.
Occidental Petroleum's Chairman and Chief Executive Officer, Dr. Ray R. Irani, said "Occidental believes that a policy formalizing our long-standing commitment to support human rights has value for the corporation and its stakeholders. To this end, Occidental is committed to consulting with the proponents of the proposal and others as it works toward the adoption of a formal human rights policy."
Sister Doris Gormley, representing the proponents, stated, "We believe every company needs to adopt a comprehensive, transparent and verifiable human rights policy to address the challenges of doing business in a global economy. Our willingness to withdraw this proposal was based on the receptiveness and good faith Occidental has shown to collaborate with the proponents on this very important social issue and on Occidental's affirmative commitment to adopt a human rights policy."
Joining the California Province of the Society of Jesus as proponents of the resolution are the New Orleans Province of the Society of Jesus, Boston Common Asset Management LLC on behalf of its client, Brethren Benefit Trust, Catholic Equity Fund, Christian Brothers Investment Services, CHRISTUS Health, Congregation of the Sisters of Charity of the Incarnate Word, Houston and the Sinsinawa Dominicans. These religious institutions are members of the Interfaith Center on Corporate Responsibility, a thirty-three year old coalition of 275 faith-based institutional investors including religious communities, denominations, pension funds, healthcare systems, foundations and dioceses with combined portfolios worth an estimated $100 billion.
Occidental has endorsed the Global Sullivan Principles of Corporate Social Responsibility and is also a signatory to the Voluntary Principles on Security and Human Rights.