Nabors Announces Further Changes to Corporate Governance and Compensation Practices

 Nabors Announces Further Changes to Corporate Governance and Compensation  Practices  HAMILTON, Bermuda, April 14, 2014 /CNW/ - 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.  Media Contact: Denny Smith, Nabors, +1 281 775 8038    SOURCE  Nabors Industries Ltd.  http://photos.prnewswire.com/prnh/20070205/NABORSLOGO  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/14/c9661.html  CO: Nabors Industries Ltd. NI: OIL UTI FIN 2575 WNEWS TNM MNA