NEW YORK (TheStreet) -- Weatherford International (WFT) dipped Monday after the oilfield services company announced its shareholders had approved a move from Switzerland to Ireland due to Swiss corporate pay laws.
The company said it expects to delist from the Swiss stock exchange on Thursday. Weatherford said in an SEC filing in February that new Swiss laws could affect the company's "ability to attract and retain executives."
Last year, Swiss voters proposed to give shareholders the right to have a binding vote on all payments for company executives and directors. The proposal also forbade one-time bonuses for senior managers, which they occasionally receive upon joining or departing a company.
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The stock was down 2.45% to $21.86 at 10:35 a.m.
Separately, TheStreet Ratings team rates WEATHERFORD INTERNATIONAL as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTERNATIONAL (WFT) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and weak operating cash flow."