Nabors Directors Stay on Board After Being Voted Off Four Times – Bloomberg

Shareholders have withheld a majority of votes from director John Yearwood at [Nabors’] last four annual meetings. The responsibility to accept his resignation would normally lie with Nabors’ governance and nominating committee. Who heads up that committee? Yearwood does. Who are the committee’s other members? Mike Linn and Howard Wolf, the other two who were voted out.To avoid having the three decide on their own resignations, Nabors’ board created a specially appointed governance and nominating committee with other directors, and that panel suggested they stay on. The board then voted unanimously to reject the resignations and overrule the tally, according to the filing. It’s the fourth-year in a row that the board has used such a tactic to thwart the will of owners.

Source: Nabors Directors Stay on Board After Being Voted Off Four Times – Bloomberg

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s