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2014-04-17 18:52:00

NABORS LIMITS

NABORS LIMITS

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.

WSJ.COM

 NABORS  4th Quarter and Full Year 2013 results

 

 

Tags: NABORS, INDUSTRIES

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NABORS LIMITS
2018, August, 15, 10:40:00

RUSSIAN NUCLEAR IN EURASIA

WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.

NABORS LIMITS
2018, August, 15, 10:35:00

NORWAY'S KEY PRIORITY

BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.

NABORS LIMITS
2018, August, 15, 10:30:00

ALASKA LNG: $43 BLN

PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.

NABORS LIMITS
2018, August, 13, 14:05:00

OIL PRICE: NEAR $73

REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.

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