|By PR Newswire||
|April 14, 2014 07:00 AM EDT||
HAMILTON, Bermuda, April 14, 2014 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR) announced today additional changes to its corporate governance and compensation practices. Building upon initiatives announced during 2013, these changes reflect the Company's ongoing dialogue with its shareholders.
- The Company has adopted a policy to separate the roles of Chairman of the Board and CEO following the tenure of the current Chairman and CEO, in accordance with shareholder requests.
- The Company also adopted a policy limiting severance payments to 2.99 times an executive's salary and bonus, formalizing an initiative already implemented in the employment agreements of the CEO and CFO.
- The Company has instituted a proxy access policy allowing eligible shareholders to include director nominees with those nominated by the Board in the Company's proxy materials. Any shareholder owning five percent of the Company's shares for at least three consecutive years following the Company's 2014 annual general meeting is eligible. The Company will review this policy in three years and consider lowering the ownership threshold in light of prevailing practices of other S&P 500 companies and discussions with shareholders.
- The Company plans to ask shareholders to approve an advisory vote to extend its shareholder rights plan at its 2014 annual general meeting.
- The Company implemented a policy requiring public announcement of the Board's reasoning if any director resignations tendered pursuant to its director resignation policy are not accepted.
- The Company has clarified in its governance guidelines that the Lead Director may add agenda items for Board meetings and that the Board includes gender in its diversity considerations.
"During the last two years, we have made significant progress in updating our corporate governance. Since 2011, we have declassified the Board, restructured compensation to better align with business performance and worked closely with shareholders to address their concerns," said Chairman, President and Chief Executive Officer Anthony G. Petrello. "These changes reflect the results of our commitment to strengthening our corporate governance and compensation practices, and open the door to an even more focused commitment to the generation of long-term value for shareholders."
Petrello added, "I would like to express my appreciation to the California State Teachers' Retirement System (CalSTRS) for their support and open-minded approach throughout our governance discussions, and to Blue Harbour Group for their helpful role."
Anne Sheehan, director of corporate governance at CalSTRS, said, "These changes provide significant benefits to Nabors shareholders. After many productive conversations with Nabors – and particularly Messrs. Petrello and Yearwood – regarding proxy access and other issues, we commend the positive progress the company has made in strengthening its corporate governance principles on the issues of most interest to shareholders. In particular, only a handful of companies have implemented proxy access, and this policy is a significant step in the right direction. We appreciate management's commitment to more transparency and accountability and look forward to seeing what the future holds for Nabors."
Clifton S. Robbins, Chief Executive Officer of Blue Harbour Group, commented, "As a lead stockholder of Nabors, we are pleased by the renewed commitment of management and the Board to good corporate governance. Having passed this milestone, Nabors' management now can redouble their efforts to advance the company's strategic objectives, which already have begun to deliver significant value to shareholders."
About Nabors Industries
Nabors owns and operates the world's largest land-based drilling rig fleet and has one of the largest completion services and workover and well servicing rig fleets in North America. The company is a leading provider of offshore platform workover and drilling rigs in the U.S. and multiple international markets. Nabors provides innovative drilling technology and equipment, directional drilling and comprehensive oilfield services in most of the significant oil and gas markets in the world.
Denny Smith, Nabors, +1 281 775 8038
SOURCE Nabors Industries Ltd.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 29, 2017 07:00 PM EDT Reads: 1,531
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 29, 2017 06:15 PM EDT Reads: 987
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 29, 2017 05:15 PM EDT Reads: 1,271
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 29, 2017 05:15 PM EDT Reads: 1,571
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 29, 2017 05:00 PM EDT Reads: 1,634
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Apr. 29, 2017 04:45 PM EDT Reads: 3,362
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 29, 2017 04:00 PM EDT Reads: 1,044
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
Apr. 29, 2017 04:00 PM EDT Reads: 6,829
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Apr. 29, 2017 03:30 PM EDT Reads: 1,342
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 29, 2017 03:00 PM EDT Reads: 1,644
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
Apr. 29, 2017 03:00 PM EDT Reads: 709
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 29, 2017 02:45 PM EDT Reads: 1,797
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 29, 2017 02:30 PM EDT Reads: 2,494
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 29, 2017 02:30 PM EDT Reads: 2,659
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 29, 2017 01:45 PM EDT Reads: 1,837