Boston, MA 06/04/2014 (wallstreetpr) – Nabors Industries Ltd. (NYSE:NBR) stands second on the Wall Street Journal’s list ranking the highest paid Chief Executive Officers in America.
Second Highest CEO Compensation
WSJ’s last week publication came up as a surprise as it included familiar names not only from the top 300 big, public companies but pointed out names which not many were expecting. At the same time, Census Bureau data also highlighted the stagnation of mid level American employees since 1980s. Nabors Industries CEO Anthony Petrello outdid peers from Oracle Corporation (NYSE:ORCL)– Lawrence J. Ellison and CBS Corporation (NYSE:CBS)– Leslie Moonves. While Petrello receives a thick pay package of $68.2 million, the other two surprisingly receive only $76.9 million and $65.4 million, respectively. Petrello’s last year compensation included a one- time settlement amount of $45 million while he had undertaken a new agreement.
Unfair Pay Practices
The oil driller has raised resentment among shareholders and advisors have urged stock holders to oppose the company’s pay practices. Advisors have also urged shareholders to vote against six out of the seven Board of Directors of the company in its next annual meeting, which is scheduled to be held next week. Nabors Industries Ltd. (NYSE:NBR) had been targeted more than once for the same offence. In 2013, Nabors’ shareholders had voted against its pay practices for the third time in a row.
Some of the proxy advisors include Glass, Lewis & Co. and Institutional Shareholder Services Inc., both of who criticized the company’s unfair record of synchronizing executive pay with their performances. While ISS is in favor of replacing six out the seven Directors of the company who are up for a re-election next week, Glass Lewis wants to vote in negation for three of them, namely Yearwood, Michael C. Linn and Lombardi.
Nabors Industries Ltd. (NYSE:NBR), the world’s biggest land- rig contractor, was seen to speak in favor of two of its Directors while urging shareholders to disregard recommendations from advisors.