(The following is a reformatted version of a press release
issued by the California Public Employees’ Retirement System and
obtained at 
Press Release
June 3, 2013 
CalPERS Urges Change at Nabors Industries 
SACRAMENTO, CA - The California Public Employees’ Retirement
System (CalPERS) is asking shareholders to support its proposal
calling for Nabors Industries (Nabors) to adopt changes to its
severance package policy, and to support measures that would
require the Board to elect an independent Chair and allow
shareholders to nominate directors for election to the Board. 
The Pension Fund’s non-binding shareholder resolution seeking
changes to the severance package policy, known as Proposal #9,
seeks shareholder approval of future severance agreements with
senior executives that provide total benefits exceeding 2.99
times the sum of the executive’s base salary plus bonus. 
The proposal comes after Nabors’ employment contract with its
CEO included a payout worth $100 million upon departure. The CEO
later agreed to waive the payout, after years of poor
performance, and amid concerns from shareholders and governance
groups. Currently, severance packages for senior executives are
negotiated by the Board and management, and require no
shareholder approval. 
Two major proxy advisors, Glass, Lewis & Co. and ISS Proxy
Advisory Services, issued analyses supporting the CalPERS
“Payment for failure is a curse on company performance,” said
Anne Simpson, CalPERS Senior Portfolio Manager and Director for
Global Governance. “CalPERS wants to ensure long-term alignment
between owners and managers. Furthermore, shareholders have
already sent a message that they want to be able to nominate
directors.  Nabors should respect that wish and allow access to
the proxy for significant long-term owners.” 
CalPERS is also supporting Proposals #7 and #10, asking for the
Board to elect an independent Chair and provide proxy access to
shareholders, respectively, at the company’s June 4 annual
shareholder meeting.  Similar proposals won shareholder support
at last year’s meeting. 
CalPERS will be voting 995,710 shares of Nabors at the meeting. 
Nabors is an S&P 500 oil, natural gas and geothermal drilling
contractor operating on land throughout the Americas, Middle
East, Far East, and Africa. The company also provides many
support services for both offshore and onshore oil drilling and
for well-servicing operations. 
CalPERS is the largest public pension fund in the U.S. with
approximately $260 billion in assets. The retirement system
administers retirement benefits for more than 1.6 million
current and retired California State, public school, and local
public agency employees and their families on behalf of more
than 3,000 public employers in the state, and health benefits
for 1.3 million enrollees. For more information about CalPERS,
External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs 
Contact: Joe DeAnda, Information Officer 
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