Spectra Energy CEO Got $4.8M In 2008 Compensation

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

Fowler, Spectra Energy's CEO since January 2007, was the Houston-based company's highest-paid official among five company executives listed in the report.

Spectra Energy said it attempts to set executive compensation based on the median of executive pay among competitors. The company said it tries to balance short-performance and long-term incentives to retain talent.

For all of 2008, Spectra reported a profit of $1.13 billion, or $1.81 per share, up 18 percent from $957 million, or $1.51 per share in 2007. Revenue climbed 8 percent to $5.07 billion.

Like its industry peers, Spectra's shares tumbled in 2008, shedding more than 38 percent to close the year at $15.61. Shares have fallen even more in 2009. The stock closed at $12.02 Tuesday, up 52 cents, or 4.5 percent.