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Nabors Announces Results Of Annual General Meeting Of Shareholders

Stocks in this article: NBR

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.

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