Say on Pay fails and proxy access passes at Nabors

This week Nabors Industries became the 41st company to fail Say on Pay in 2012 and the fourth to fail two years in a row. Shareholders also voted against two other compensation related proposal on the agenda (approval of incentive bonus plan and approval of stock plan) as well as for a shareholder proposal to seek shareholder approval of future severance agreements (8-K filing here). In addition to the compensation proposals, shareholders also approved proxy access (article from Bloomberg), the first time a proxy access proposal has received majority support at a big company. The next edition of our weekly Say on Pay report will explore the reasons for the failed Say on Pay result in more detail.