Nabors Industries said it has adopted limits on severance packages for its high-tier executives and will make it easier for shareholders to nominate candidates for the oil driller's board.
Last year, a majority of Nabor's shares voted against its executive-compensation plan and opposed the re-election of two directors.
Nabors also will separate the roles of chief executive and chairman after the tenure of the company's incumbent Chairman and Chief Exectuive Anthony Petrello ends.
The company's new policy limits severance payments for top-level executives to 2.99 times an executive's salary and bonus, formalizing an initiative already implemented in the employment agreements with Mr. Petrello and the company's chief financial officer.
The company has grappled with a series of corporate-governance issues in recent years, including the dispute over executive pay.
"During the last two years, we have made significant progress in updating our corporate governance," Mr. Petrello said in a statement Monday. "Since 2011, we have declassified the board, restructured compensation to better align with business performance, and worked closely with shareholders to address their concerns."
Nabor's former chief executive, the late Eugene Isenberg, may be remembered for being granted and later waiving a $100 million termination payment triggered when the company replaced him as CEO while keeping him as chairman. News that Mr. Isenberg was getting what amounted to a severance payment while retaining his chairman's job sparked criticism from shareholders.
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