Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, June 5, 2012

Nabors Shareholders Vote for Proxy Access Proposal

A majority of Nabors Industries shareholders approved a nonbinding proxy access proposal that, if adopted by the board of directors, would allow large shareholders (holding 3% for at least 3 years) to include competing nominees for the board (no more than one-quarter of the board) on the management proxy statement.  The proposal was introduced by New York City Employees’ Retirement System, New York City Fire Department Pension Fund, the New York City Teachers’ Retirement System, and the New York City Police Pension Fund and co-sponsored by a number of other plans.

Nabors angered many shareholders when last year it announced that Eugene Isenberg would receive $100 million for relinquishing his position as CEO.  Later the company announced that Isenberg would waive the payment.

WSJ, Nabors Owners Back Proxy Access Resolution

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