Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Innovation Investing Conference
    • 2022 Defined Contribution East Conference
    • 2022 ESG Investing Conference
    • 2022 DC Investment Lineup Conference
    • 2022 Alternatives Investing Conference
Breadcrumb
  1. Home
  2. GOVERNANCE
June 06, 2014 01:00 AM

Nabors Industries shareholders reject 3 director elections, executive pay packages

Board doesn't accept resignations of directors

Barry B. Burr
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg

    Nabors Industries Ltd. shareholders, bolstered by major pension funds, voted in the majority against the re-election of three directors, but the rest of the company's board voted unanimously to keep them on the board.

    Michael C. Linn received 49.5% vote in favor and John V. Lombardi and John Yearwood each received 46.4% vote in favor. The company allows only “for” or “withhold” votes in director elections.

    Messrs. Linn, Lombardi and Yearwood each tendered his resignation after receiving less than a majority of the votes, but the “board determined that acceptance of their resignations would not be in the company's best interests and voted unanimously to reject the resignations,” the company said in a Securities and Exchange Commission filing Thursday.

    The C$219.1 billion (US$200.3 billion) Canada Pension Plan Investment Board, Toronto; $180.3 billion Florida State Board of Administration, Tallahassee; C$140.8 billion Ontario Teachers' Pension Plan, Toronto; $124 billon Texas Teacher Retirement System, Austin; $104.1 billion State of Wisconsin Investment Board, Madison; and $14.5 billion Illinois State Board of Investment, Chicago, all withheld in the re-election of the three directors.

    The $293 billion California Public Employees' Retirement System, Sacramento, withheld from Messrs. Lombardi and Yearwood.

    The $183.8 billion California State Teachers' Retirement System, West Sacramento, voted in favor of the three directors.

    Among other proposals, one by the $912 million Central Laborers' Pension Fund, Jacksonville, Ill., calling for directors to be elected by a majority of shareholder votes won 58.32% of the vote in support. All the pension funds voted in favor of the majority-vote proposal.

    A proposal by the $150 billion New York City Retirement Systems and $27.1 billion Connecticut Retirement Plans & Trust Funds, Hartford, calling for proxy access to allow shareholders access to corporate proxy materials to nominate candidates for director was defeated by 51.7% of the vote. All the pension funds voted in favor of the proxy-access proposal

    A proposal from the Washington-based AFL-CIO Equity Index Fund calling for shareholder approval of performance metrics in executive equity plans was defeated by a 76.6% vote. All the pension funds voted in favor of the metrics proposal, except for CalSTRS, CPPIB and OTPP.

    A proposal by the $1.4 billion Bricklayers & Trowel Trades International Pension Fund, Washington, calling for senior executives to retain until retirement 75% of equity compensation was defeated by a 77.6% vote. All the pension funds voted in favor of the retention proposal, except for CalSTRS, CPPIB, OTPP and SWIB.

    In addition, shareholders rejected by a 62.4% vote the compensation of Anthony G. Petrello, chairman, president and CEO, and two other senior executives. Mr. Petrollo's total compensation last year was $68.2 million. All the pension funds voted against the executive pay packages.

    Shareholders also rejected, by a 64.8% vote, a company-sponsored poison pill anti-takeover measure. All the pension funds, except for CalSTRS, voted against the poison pill measure.

    The pension funds' voting is based on their proxy-voting disclosures.

    All the shareholder proposals and the say-on-pay vote on executive compensation were non-binding.

    Dennis A. Smith, Nabors spokesman, couldn't be reached for comment on whether the company will implement the Central Laborer's proposal on majority vote and CalPERS' proposal on brokerage firm non-votes.

    Related Articles
    CalPERS' proxy proposal at Nabors wins majority support
    Abercrombie & Fitch shareholders support proxy-access proposal
    Test of governance wills
    Towers Watson: Executive compensation support unchanged so far in 2014
    Pension funds take sides on Microsoft executive pay package
    CalPERS supports proxy access at McDonald's, Kohl's
    Recommended for You
    illinois_flag_skyscraper_1550-man_i.jpg
    Fitch bumps up Illinois credit rating 2 notches
    ONLINE_190509927_AR_0_AZHJXUELHGSK.jpg
    CalPERS-backed proposal on splitting Buffett role garners 11% support
    Milken2022-May4_i.jpg
    Milken: U.S. net worth is high on average, low on median
    OCIO, Anchor in Rough Seas
    Sponsored Content: OCIO, Anchor in Rough Seas

    Reader Poll

    May 23, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Crossroads: Politics, Inflation, & Bonds
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Q2 2022 Credit Outlook: Carry On
    Leverage does not equal risk
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    May 23, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Innovation Investing Conference
      • 2022 Defined Contribution East Conference
      • 2022 ESG Investing Conference
      • 2022 DC Investment Lineup Conference
      • 2022 Alternatives Investing Conference