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Oxy Corporation Case Summary

Satisfactory Essays

This contact is not binding on the Oxy Corporation because the contract was not approved with the consent of the minority stockholder. Based on these terms and agreements Wick should have not took an active part as a board member in the vote for his company to obtain the construction contract for the Oxy Corporation because of conflict of interest with his own company. The contract was approved on a three-to-two vote with Wick voting with the majority and Wick did inform two of the other directors of his interest in the construction company. As a board member, his responsibility should be to exercise the power for a proper purpose and not look to divert an investment opportunity to his own company. Thus, his actions along with the non-minority

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