CalPERS Proposal to De-Stagger Oryx Energy Board Approved.SACRAMENTO, Calif.--(BUSINESS WIRE)--May 5, 1995--A proposal by the California Public Employees' Retirement System (CalPERS) to "de-stagger" the terms of election for the board of directors at Oryx oryx (ôr`ĭks), name for several small, horselike antelopes, genus Oryx, found in deserts and arid scrublands of Africa and Arabia. They feed on grasses and scrub and can go without water for long periods. Energy Corporation was approved yesterday at the company's annual shareholder meeting in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The vote favored CalPERS by 41.6% of shares outstanding (56.1% of shares voted at the meeting). CalPERS sought to eliminate the staggered terms staggered terms Membership terms for a firm's directors that expire in different years. A firm with 12 directors might have 4-year terms with 3 seats up for election each year. Staggered terms make it more difficult for a raider to gain control of a board. to give shareholders more clout at election time. With a so-called "staggered board," the directors are divided into three classes that each serve a three-year term. Under this arrangement, shareholders can only vote on one-third of the company's directors in any given year. The CalPERS proposal must still be approved by Oryx's Board and submitted to a second vote of the shareholders, to be implemented. "It is extraordinarily unusual for a shareholder proposal which is opposed by management to actually win. This mandate should ultimately eliminate the insularity of a staggered board, and make Oryx directors more accountable for poor performance," said Dr. William Crist, president of the CalPERS Board of Administration. "We expect quick action by the board of directors to bring this matter to a second vote, as needed as needed prn. See prn order. for a revision to the Oryx certificate of incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. ." Oryx has significantly underperformed its peers over three- and five-year horizons as benchmarked by total stock returns for the S&P 500 and a Peer Group Index. Its performance earned it a spot on the CalPERS "focus list" for corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. in 1995. CalPERS owns 475,000 shares of Oryx stock, representing 0.48% of shares outstanding. CalPERS is the nation's largest public pension fund, with assets of approximately $80 billion. CONTACT: CalPERS Public Affairs Office Patrick Hill, 916/326-3711 |
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