This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Nabors Announces Results Of Annual General Meeting Of Shareholders

HAMILTON, Bermuda, June 6, 2013 /PRNewswire/ -- Nabors Industries Ltd. (NYSE:NBR) today announced the voting results from its annual general meeting of shareholders held on June 4, 2013.  Approximately 86.8 percent of outstanding shares were represented at the meeting. 

Shareholders re-elected each of the director nominees – James R. Crane, Michael C. Linn, John V. Lombardi, Howard Wolf and John Yearwood – to the Board of Directors.  With the retirement of director James L. Payne, Nabors' Board now has seven directors.

Shareholders also:
  • ratified PricewaterhouseCoopers LLP as Nabors' independent auditor for 2013,
  • approved the Company's 2013 Incentive Bonus Plan,
  • approved the Company's 2013 Stock Plan,
  • rejected the advisory "Say-on-Pay" proposal,
  • rejected a shareholder proposal to require shareholder approval of specific performance metrics,
  • rejected a shareholder proposal to separate the offices of Chairman and CEO,
  • rejected a shareholder proposal to require the retention of specified levels of equity by executives,
  • rejected a shareholder proposal to require shareholder approval of certain severance agreements, and
  • rejected a shareholder proposal relating to proxy access.

The voting results as certified by the independent inspector of elections are detailed in the Company's Form 8-K being filed today. 

Messrs. Lombardi and Yearwood received approximately 44 and 47% of votes cast versus votes withheld.  In accordance with Nabors' director-resignation policy, they tendered their resignations following the meeting. After considering the current structure of the Board, the Company's strategic needs, shareholders' expressed reasons for withholding votes, and the roles each director played in addressing shareholder concerns by initiating changes in governance and historical compensation practices, the Governance & Nominating Committee recommended that the Board not accept the resignations.  The Board determined that acceptance of their resignations would not be in the Company's best interests and voted unanimously to reject the resignations.  Messrs. Lombardi and Yearwood did not participate in the deliberations or the vote.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs