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



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CO: Nabors Industries Ltd.
NI: OIL UTI FIN 2575 WNEWS TNM MNA  
-0- Apr/14/2014 11:01 GMT
 
 
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